CANADA STOCKS-TSX gains modestly after mixed ream of U.S. data

Wed Aug 15, 2012 11:04am EDT
 
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* TSX up 11.27 points, or 0.1 percent, at 11,864.88

* Banks and energy companies lead rise

By Alastair Sharp

TORONTO, Aug 15 (Reuters) - Canada's main stock index moved slightly higher on Wednesday after mixed U.S. data kept investors guessing about further central bank action to stimulate growth.

Financial stocks were the biggest gainers, but were offset by a range of other sectors that kept the key index little changed from its close on Tuesday.

"The economic stuff coming out of the States, that may have an effect, but we are in the summer doldrums and there is not a lot going on," said John Kinsey, a portfolio manager at Caldwell Securities, who added that in the absence of unexpected news, Canadian equities were unlikely to make dramatic moves in either direction through August.

U.S. consumer prices were suprisingly flat in July for a second straight month, giving the Federal Reserve room for further monetary easing.

Moves to kickstart growth in the U.S. economy are closely watched in Canada, which conducts the majority of its trade with its southern neighbor.

But indications on monetary policy moves aren't likely until later this month at the earliest, when U.S. central bankers meet for an annual symposium in Jackson Hole, Wyoming.   Continued...