January 25, 2010 / 9:46 PM / 8 years ago

CANADA STOCKS-TSX helped higher by reviving financials

* S&P/TSX composite up 0.1 percent at 11,354.51

* Financials recoup some of last week’s losses

* Gold shares drop (Adds details, quotes)

By Ka Yan Ng

TORONTO, Jan 25 (Reuters) - Toronto’s main stock index ended little changed on Monday as beaten-down financial and energy shares found investor interest, but falling golds limited the gains.

Four of the country’s five biggest banks rose on Monday, picked up by bargain-hunters after falling much of last week, even as some uncertainty over U.S. President Barack Obama’s plan to rein in big banks lingered.

Toronto-Dominion Bank (TD.TO) topped all influential gainers, rising 1.15 percent to C$62.46, followed by Bank of Nova Scotia (BNS.TO), up 1.08 percent at C$45.08. Royal Bank of Canada (RY.TO) bucked the trend, and was among the heavyweight decliners, sliding 0.32 percent to C$52.71.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 11.08 points, or 0.1 percent, at 11,354.51, with seven of the index’s 10 main groups ending higher. The TSX index sagged 2.9 percent last week, its second consecutive weekly decline.

Energy shares and non-gold materials issues were also on the rise, including Potash Corp (POT.TO), up 0.72 percent at C$116.13, and Canadian Natural Resources (CNQ.TO), up 0.74 percent at C$70.32.

“Last week’s selloff did seem a little bit overdone, a little disproportionate to the overall scheme of things,” said Elvis Picardo, an analyst and strategist at Global Securities in Vancouver.

“After three straight days of declines, which I think were among the worst since the rally began in March, we are seeing buyers stepping in again and picking up some of the stocks that were hit hardest last week.”

Gold rose to near $1,100 an ounce as the U.S. dollar eased broadly and renewed physical and safe-haven buying helped support prices. But investor sentiment remained wary ahead of the U.S. Federal Reserve’s interest rate decision later this week. [GOL/]

Gold producers were unable to benefit from bullion’s rise. They were among the weakest heavyweight movers, led by Barrick Gold (ABX.TO), down 1.53 percent at C$38.07.

$1=$1.06 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

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