CANADA STOCKS-TSX ends flat as bank fall, energy rises

Tue Jun 9, 2009 4:52pm EDT
 
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* TSX falls 1 point to 10,547.86

* Banks slip on U.S. economic concerns

* Energy shares jolted higher on oil price (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, June 9 (Reuters) - Toronto's main stock index finished a lackluster session with a flat close on Tuesday as concerns about the U.S. economy hit bank shares, but energy stocks rose on higher oil prices.

The index was stuck near the break-even level for nearly all of the session and tilted slightly lower at the close as shares of Canadian banks fell as news of plans by big U.S. banks to repay government bailout funds raised concerns about whether the move would help the economy recover. [ID:nN09364348]

Shares of Toronto-Dominion Bank (TD.TO: Quote) slid 2.3 percent to C$57.50, while Royal Bank of Canada (RY.TO: Quote) dropped 1.3 percent to C$45.50.

Financial shares had been flat early in the session but turned lower as investors wondered whether the money being paid back to the government could be put to better use by lending it out to boost the U.S. economy.

The financial index, which accounts for about 33 percent of the overall index, fell 0.7 percent.   Continued...