CANADA STOCKS-TSX little changed as Greek deal remains elusive

Wed Feb 8, 2012 5:04pm EST
 
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(Adds details, analyst comments)

* TSX up 8.6 pts, or 0.1 pct, at 12,521.02

* Financials rise, miners fall

* Greek deal optimism fades

By Jon Cook

TORONTO, Feb 8 (Reuters) - Canadian stocks closed little changed on Wednesday as hopes for a Greek debt deal lifted financial shares, which were offset by losses among miners after some discouraging European economic data.

Marathon negotiations between Greece and its creditors to secure a 130-billion-euro ($172 billion) bailout that would ensure Athens can cover massive bond redemptions that come due next month failed to yield a deal.

"The market is going to go sideways until something is clear cut," said John Ing, president of Maison Placements Canada. "The reality of it is there hasn't been a deal."

Canadian stocks finished marginally up, led by a 0.5 percent rise in financials as banks welcomed the more positive Greek tone. Royal Bank of Canada was the best performer among the major banks, rising 0.6 percent to C$53.93. Bank of Montreal was up 0.8 percent to C$58.60.   Continued...