CANADA STOCKS-TSX ends flat with golds up, banks down

Fri Oct 16, 2009 4:54pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX closes at 11,504.76, up 0.6 pct for week
 * Bank of America disappointment hurts banks
 (Adds details and updates figures to market close)
 By Ka Yan Ng
 TORONTO, Oct 16 (Reuters) - Toronto's main stock index
closed flat on Friday as Toronto Dominion Bank TD.TO and
other banks fell after Bank of America Corp BAC.N reported a
quarterly loss, but gold-mining shares provided some lift.
 With the price of gold firming, four gold-mining shares
claimed spots in the top 10 most notable advancers, with
Goldcorp G.TO gaining 1.4 percent to C$44.03.
 Yamana Gold YRI.TO rose 3.5 percent to C$12.90, while
Kinross K.TO added 1.5 percent to C$24.01. Agnico-Eagle
AEM.TO was up 1.6 percent at C$73.83.
 The weakness in some of the banks stemmed from market
disappointment over a bigger than expected loss at Bank of
America, which was a setback for investors who had been wowed
by some strong corporate earnings earlier in the week.
[ID:nN15485899]
 Toronto-Dominion Bank TD.TO was one of the top decliners,
falling 1 percent to C$65.24, while Bank of Nova Scotia
BNS.TO lost 0.7 percent to C$46.64.
 Shares of Royal Bank of Canada RY.TO clawed back from
early weakness to close up 0.16 percent at C$56.05.
 The S&P/TSX composite index .GSPTSE finished at
11,504.76, up 0.25 of a point, after dropping nearly 100 points
early in the session.
 "I think one conclusion you can draw from the action today
and the past few days is that dips continue to be bought," said
Elvis Picardo, analyst and strategist at Global Securities in
Vancouver. "We were down quite substantially but we've
recovered to close flat." 
 The main index finished the week up 0.6 percent, its second
weekly rise in a row.
 ($1=$1.04 Canadian)
 (Editing by Peter Galloway)