February 27, 2015 / 12:37 PM / in 2 years

TSX steady as miners, banks edge higher

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.Mark Blinch

TORONTO (Reuters) - Canada's main stock index closed little changed on Friday as higher bullion prices boosted shares of gold miners, while banks climbed after reporting quarterly results earlier this week.

The bank results helped calm investor fears about the impact a sluggish economy and the oil-price slump are having on financial institutions.

The Toronto stock market's benchmark index recorded at 3.8 percent gain this month, lifted by a rebound in its energy and financial sectors.

“The volatility in oil prices continues to drive the energy sector, and it seems like it's trying to find a base,” said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP Ltd, which manages about C$28.3 billion in assets.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 6.82 points, or 0.04 percent, at 15,234.34. Seven of the 10 main sectors on the index were in the red.

In the financial sector, Toronto-Dominion Bank (TD.TO) rose 0.6 percent to C$54.80, and Royal Bank of Canada (RY.TO) added 0.3 percent to C$78.31.

The gold-mining sector advanced 1 percent. Barrick Gold Corp (ABX.TO) gained 1.8 percent to C$16.26, and Goldcorp Inc (G.TO) rose 1.2 percent to C$27.53.

($1=$1.25 Canadian)

Editing by Jonathan Oatis; and Peter Galloway

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