CANADA STOCKS-Financials lead TSX to modest gain

Mon Aug 30, 2010 5:13pm EDT
 
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* TSX up 15.83 points at 11,895.55

* Investors pick up beaten-down bank shares

* Move higher contrasts with U.S. equity retreat

* RIM edges higher on India reprieve; Potash gains (Adds company news)

By Jennifer Kwan

TORONTO, Aug 30 (Reuters) - Toronto's main stock index ended slightly higher on Monday, led by rising financial issues, but broader investor concerns about the recovery rattled global equities and kept TSX gains in check.

The TSX held above water on strength in banking, with Royal Bank of Canada (RY.TO: Quote) up 1.7 percent at C$51.25, and Bank of Montreal (BMO.TO: Quote) higher by 1.3 percent at C$58.33. National Bank of Canada (NA.TO: Quote) climbed 2 percent to C$61.22.

The broader financials group, up 0.5 percent, led the way higher as investors bought beaten-down shares, which had fallen in recent weeks the back of concerns about the global recovery.

More recently, some bank issues tumbled after reporting weak trading results, said Rick Meslin, head of Canadian equities at UBS.   Continued...