CANADA STOCKS-TSX steady as broad gains offset by drop in energy shares

Mon May 25, 2015 11:06am EDT
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(Updates and adds details, analyst's comments)

* TSX down 5.65 points, or 0.04 percent, at 15,195.11

* Seven of the TSX's 10 main groups higher

By Solarina Ho

TORONTO, May 25 (Reuters) - Canada's main stock index was steady on Monday with losses in oil and gas shares offsetting moderate gains in the heavily weighted financials group and most other sectors, but trade was quiet due to the U.S. Memorial Day holiday.

Investors were looking ahead to Canadian bank quarterly earnings later this week, trying to assess the impact of a lackluster economy and low energy prices on the sector.

"The big thing this week will be bank earnings. Not only what they report, but the tone of what they're saying. I think they're going to say the landscape is positive," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

"We have partly recovered here. One time, investors were concerned about the banks' exposure to energy, but I think that's passed."

Financial stocks, which make up more than a third of the index's weight, were up 0.1 percent with Brookfield Asset Management up 1.0 percent at C$44.55 and Sun Life Financial Inc rising 1.0 percent to C$40.46.   Continued...