CANADA STOCKS-TSX edges higher in "sideways" session

Wed Nov 18, 2009 5:18pm EST
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 * TSX ends up 22.69 points at 11,652.69
 * Ekes out small gain after touching 13-month high
 (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, Nov 18 (Reuters) - Toronto's main stock index
finished higher on Wednesday, after languishing at the
break-even level for most of the afternoon, following early
buying that sent the resource-heavy index to a 13-month high.
 Influential names on the upside included Potash Corp of
Saskatchewan POT.TO, up 3 percent at C$120.00, and
Toronto-Dominion Bank TD.TO, which rose 1.2 percent to
 While the market managed to eke out gains near the
session's close, trade was largely directionless for latter
half of the day.
 "The market has done very well here in the past couple of
weeks," said Levente Mady, market strategist at Union
Securities in Vancouver.
 "Certainly, you can make the argument that it is a little
overdone and due for a pause. The fact that we're going
sideways as opposed to pulling back decisively certainly is
constructive market action."
 As well, there was a lack of drivers on the upside for
Canadian stocks, said Elvis Picardo, an analyst and strategist
at Global Securities in Vancouver.
 "At this point, investors are content to digest the gains
and say see where we go from here."
 The S&P/TSX composite index .GSPTSE finished the day up
22.69 points, or 0.2 percent, at 11,652.69. Earlier, it rose 72
points to 11,702.24, which marked its highest level since
October 2008.
 Energy and gold-mining stocks, which helped power the early
rally, were among the later drags on the index as many
investors ignored higher oil and record gold prices above
$1,150 an ounce. [O/R] [GOL/]
 Influential names on the downside included Barrick Gold
ABX.TO, which dropped 2.9 percent to C$46.10, and Suncor
Energy SU.TO, down 0.8 percent at C$38.56.
 Also weighing on the market was Research In Motion
RIM.TO, which fell 2 percent to C$63.25. BMO Capital Markets
downgraded the BlackBerry maker to "market perform" from
"outperform," citing concerns about its 2011 earnings.
 The blue chip S&P/TSX 60 index .TSE60 closed 1.13 points
higher, or 0.16 percent, at 693.41.
 ($1=$1.05 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)