June 8, 2010 / 8:44 PM / 9 years ago

CANADA STOCKS-TSX struggles but closes slightly higher

* TSX up 12.44 points, or 0.1 percent, at 11,517.18

* Six out of 10 main sectors push higher (Updates to close)

By Claire Sibonney

TORONTO, June 8 (Reuters) - Toronto’s main stock index ended little changed on Tuesday after a volatile day, swinging lower on festering worries over Europe’s fiscal health, and eventually following U.S. equities higher on optimism over the state of the U.S. economy.

On the leaderboard, Teck Resources TCKb.TO soared 5.1 percent to C$32.73, Royal Bank of Canada (RY.TO) rebounded to end 0.8 percent higher at C$52.89, while Suncor Energy (SU.TO) also reversed earlier losses to rally 0.5 percent to C$31.95.

Among the heavyweight decliners, Barrick Gold Corp (ABX.TO) cut gains to end 0.7 percent lower at C$45.49, while Potash Corp POT.TO dropped 2.5 percent to C$98.74.

“The market has been tough lately ... on a day when gold and oil and the U.S. is climbing, I have no idea what’s holding us back,” said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.

“There seems to be a dark cloud hanging over the market and only a few good up days will make people feel better and change the mood around.”

Earlier in the day, Fitch Ratings warned that Britain was facing a formidable fiscal challenge and said its public debt ratio had climbed more quickly than those of other top-rated sovereign credits. [ID:nWLA5820]

That partly offset reassuring comments by U.S. Federal Reserve Chairman Ben Bernanke on Monday that the U.S. economy will likely avoid a “double-dip” recession and that European leaders are committed to ensuring the survival of the euro. [ID:nLDE65705B]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed 12.44 points, or 0.1 percent, higher at 11,517.18.

The index opened in positive territory, helped in part by rallying gold shares on the back of record high prices, but struggled in the red for most of the day. [GOL/]

$1=$1.05 Canadian Reporting by Claire Sibonney; Editing by Peter Galloway

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