CANADA STOCKS-TSX ends flat as gold, Greece downgrade weigh
* TSX up 0.42 of a point at 11,667.34
* Energy, metals, banks up; gold stocks down (Adds details, quotes)
By Claire Sibonney
TORONTO, June 14 (Reuters) - Toronto's main stock index ended flat on Monday as gold shares retreated, while a debt downgrade of Greece offset investor confidence in global economic recovery after robust European industrial data.
The index had been sharply higher in the morning but started dropping after Moody's Investors Service downgraded Greece's credit rating by four notches to junk status early in the afternoon. [ID:nN14207740]
"It probably shouldn't be a surprise because I think Greek bonds were already trading at junk levels anyway, but that's a pretty big downgrade," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.
"The market was feeling good at the end of the week and kind of forgot about the European issues, and whoops, we got a sharp reminder again today."
Gold prices rebounded to above $1,220 late in the session but still ended lower on the day. [GOL/] Gold-mining stocks fell 2.3 percent with Barrick Gold Corp (ABX.TO: Quote) down 2.8 percent at C$43.20, and Agnico Eagle (AEM.TO: Quote) off 2.2 percent at C$60.91.
"How much higher can gold go? And these gold stocks are not getting priced at $1,200, $1,250 gold anyway," Schwartz said. Continued...