CANADA STOCKS-TSX little changed after soft data; down on week

Fri Aug 13, 2010 5:20pm EDT
 
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* TSX rises 4.65 points to 11,528.25

* Rising banks help lift index

* Ends week 2.3 percent lower

By Claire Sibonney and Pav Jordan

TORONTO, Aug 13 (Reuters) - Toronto's main stock index edged higher on Friday as financial shares rose marginally, but energy and mining stocks fell with skittish investors still gauging the fate of the global economic recovery.

The higher close barely snapped a three-day slide, with fresh U.S. economic reports doing little to moderate fears that came back to fore this week that the recovery could stall.

"The market is very skittish, people are quite nervous, there's a lot of volatility," said Irwin Michael, portfolio manager at ABC Funds, noting volumes were thin on a summer Friday.

"This has been a very difficult week ... continuing concerns about a double-dip recession and not a lot of conviction out there, and the lower the market goes the more people get negative. But our view is the market is oversold here."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 4.65 points, or 0.04 percent, at 11,528.25. The index was down 2.3 percent for the week.   Continued...