CANADA STOCKS-TSX holds small gains, supported by banks

Wed Aug 15, 2012 3:26pm EDT
 
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* TSX up 52.35 points, or 0.44 percent, at 11,905.96

* Banks and energy companies lead rise

By Alastair Sharp

TORONTO, Aug 15 (Reuters) - Canada's main stock index crept above 11,900 points on Wednesday afternoon, as financial and energy stocks gained, but investors took little comfort given the absence of major impetus from the United States or China.

Heavyweight financial stocks were the biggest advancers, but traders said overall volume was thin.

"There is so much uncertainty out there," said Sal Masionis, a stockbroker at Brant Securities who noted some defensive movement towards dividend-paying stocks such as telecom company Telus.

"America is getting over the proverbial wall of worry. Canadians are always more timid," he said.

Mixed U.S. data kept investors guessing about further central bank action to stimulate growth.

"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.   Continued...