TSX ends flat with golds up, banks down

Fri Oct 16, 2009 5:28pm EDT
 
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By Ka Yan Ng

TORONTO (Reuters) - The TSX closed flat on Friday as Toronto Dominion Bank (TD.TO: Quote) and other banks fell after Bank of America Corp (BAC.N: Quote) reported a quarterly loss, but gold-mining shares provided some lift.

With the price of gold firming, four gold-mining shares claimed spots in the top 10 most notable advancers, with Goldcorp (G.TO: Quote) gaining 1.4 percent to C$44.03.

Yamana Gold (YRI.TO: Quote) rose 3.5 percent to C$12.90, while Kinross (K.TO: Quote) added 1.5 percent to C$24.01. Agnico-Eagle (AEM.TO: Quote) was up 1.6 percent at C$73.83.

The weakness in some of the banks stemmed from market disappointment over a bigger than expected loss at Bank of America, which was a setback for investors who had been wowed by some strong U.S. corporate earnings earlier in the week.

Toronto-Dominion Bank (TD.TO: Quote) was one of the top decliners, falling 1 percent to C$65.24, while Bank of Nova Scotia (BNS.TO: Quote) lost 0.7 percent to C$46.64.

Shares of Royal Bank of Canada (RY.TO: Quote) clawed back from early weakness to close up 0.16 percent at C$56.05.

The S&P/TSX composite index .GSPTSE finished at 11,504.76, up 0.25 of a point, after dropping nearly 100 points early in the session.

"I think one conclusion you can draw from the action today and the past few days is that dips continue to be bought," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver. "We were down quite substantially but we've recovered to close flat."   Continued...

 
<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>