TSX ends flat with golds up, banks down
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 gaining 1.4 percent to C$44.03.
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 lost 0.7 percent to C$46.64.
Shares of Royal Bank of Canada RY.TO 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...