CANADA STOCKS-TSX index hits 2-year high before erasing gains

Mon Oct 28, 2013 11:40am EDT
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* TSX edges down 0.03 percent

* Banks lead gains, while energy stocks weigh

By Alastair Sharp

TORONTO, Oct 28 (Reuters) - Canada's main stock index touched a two-year high on Monday before erasing gains to trade little changed, as banks inched higher and some of the country's heavyweight mining and energy stocks slipped.

"We've had a heck of a move already this month in North American markets, particularly in Canada," said Irwin Michael, a portfolio manager at ABC Funds. "There doesn't appear to be a lot of fear right now, it's complacency."

The Toronto Stock Exchange's S&P/TSX composite index has added 5 percent so far this month.

Early in Monday's session it advanced as much as 0.12 percent to 13,416.16, a level last seen in July 2011.

By late morning, however, it had erased gains and edged down 3.36 points, or 0.03 percent, to trade at 13,395.32.

Energy stocks, which have risen some 13 percent from a trough in June, weighed on the benchmark index, with Canadian Natural Resources off 1.4 percent at C$32.87 and Suncor Energy Inc down 0.2 percent at C$37.57.   Continued...