3 Min Read
* 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]
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.
The S&P/TSX composite index .GSPTSE ended down 1.26 points, or 0.01 percent, at 10,547.86. It spent the whole session in a tight range that saw it rise as much as 55 points and fall as steep as 46 points.
The TSX remains up 41 percent from the five-year low it skidded to in March.
"We might just need a few days of consolidation and some digesting of the gains we have made over the last few weeks so we don't get too ahead of ourselves too early," said Bruce Latimer, trader at Dundee Securities.
Helping to keep the index near the break-even level was its energy sector, which offset pockets of weakness as oil prices rallied nearly 3 percent on a weaker U.S. dollar and on hopes for stronger demand. [ID:nSP387179]
Shares of Suncor Energy (SU.TO) rose by 2.4 percent to C$38.66, while shares of Petro-Canada PCA.TO rose 2 percent to C$48.78. The energy sector as a whole rose 1 percent. (Reporting by Frank Pingue; editing by Peter Galloway)