BUSINESS

TSX Drops 11% In 2011

12/30/2011 04:51 EST | Updated 02/29/2012 05:12 EST

The TSX benchmark index did well Friday but the gain won't come close to recovering the loss for the year.

The S&P/TSX composite index closed up 113.39 points, to 11,955.09. The Toronto gain was in contrast to U.S. markets, where the S&P 500 and Nasdaq indexes fell slightly and the Dow Jones more sharply.

But the 2011 big picture was a reversal from Friday's trading. The TSX was down nearly 1,490 points on the year, while U.S. markets are looking at an inflation-beating gain — in the case of the Dow Jones, a flat year for the S&P 500, or a small loss for Nasdaq.

The TSX loss was an 11 per cent drop. The Dow gained about 640 points or 5.5 per cent to 12,217.56 in 2011, despite the loss of nearly 70 points Friday.

The S&P index lost five points Friday to close at 1,257.60, just 0.04 of a point below where it started the year.

NASDAQ shed more than eight points, to end the year at 2,605.15, down two per cent.

Many of the Toronto market's sub-indexes posted big drops, including gold and metals and minerals. But even the energy sub-index lost ground, despite the gain in the price of a barrel of oil over the year.

The loonie added 0.37 cents to 98.33 cents US, the February oil contract fell 82 cents, to $98.83, and gold was up $25.90 to $1,566.80 an ounce.