CANADA STOCKS-TSX steady after volatile week; banks offset resource losses

Fri Aug 14, 2015 11:42am EDT
 
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(Adds analyst comments, market details, updates prices)

* TSX up 12.58 points, or 0.09 percent, at 14,250.98

* Six of the TSX's 10 main groups were up

By Solarina Ho

TORONTO, Aug 14 (Reuters) - Canada's main stock index was steady on Friday, as investors took a pause following a volatile trading week in which energy and mining stocks were severely battered.

The index reversed some of Friday's advances, however, as energy stocks retreated from earlier gains. U.S. crude prices, already flirting with 6-1/2 year lows, gave back nearly all of their session gains to trade just above $42 a barrel.

Cenovus Energy Inc was among the biggest drags on the TSX, falling 1.4 percent to C$17.95, while Penn West Petroleum Ltd plunged 9.2 percent to C$1.18. Oil and gas stocks as a whole retreated 0.2 percent.

Another big index drag was Bombardier Inc. The plane and train maker was downgraded by Fitch on Thursday, adding further pressure to the already-struggling company which has faced an uphill battle winning over the industry with its CSeries jetliner. Shares sank 5.5 percent to C$1.38, its lowest level since 1993.

At 11:19 a.m. EDT (1519 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 11.9 points, or 0.08 percent, at 14,250.3.   Continued...