November 9, 2010 / 6:08 PM / 8 years ago

CANADA STOCKS-TSX little changed as financials offset resources

* TSX edges 3.43 points lower at 13,049.05

* Index rises to highest level since September 2008

* Golds, energy main gainers; banks weigh (Updates to midday, adds quotes)

By Jennifer Kwan

TORONTO, Nov 9 (Reuters) - Toronto’s main stock index was little changed early Tuesday afternoon, after retreating from a two-year high, as higher commodity prices were offset by weak financials.

Spot gold XAU= soared to a record high for a fourth day running, hitting $1,422.30 an ounce and fueling gains by gold miners. Other key commodities, including copper and oil, were also at multimonth highs. [O/R] [MET/L] [GOL/]

All that helped lift Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE as high as 13,114.05, its strongest level since Sept. 8, 2008. But by 12:47 p.m. (1747 GMT), the index had given up its gains and was down 3.43 points at 13,049.05.

“Just as we make a new high here you’re going to have these days ... where you pop your head out of the water and just float,” said Bruce Latimer, a trader at Dundee Securities.

“People are confident and optimistic about the market but they’re just not going to chase things for the next little while. You just need the market to consolidate again. You’ll see people picking certain levels to pick stocks.”

Influential gainers included Barrick Gold (ABX.TO) up 2.6 percent at C$52.83, while Goldcorp (G.TO) rose 0.5 percent to C$48.12, helping the gold subgroup rise 1.2 percent. The broader materials group, home to miners and fertilizer companies, was up 0.8 percent.

Energy issues rose 0.4 percent, supported by Encana (ECA.TO), up 2 percent at C$30.28, and Talisman Energy TLM.TO, ahead 1.9 percent at C$20.26, as oil prices held ground round $87 a barrel. [O/R]

Keeping those gains in check were financials, down 0.6 percent, with Toronto-Dominion Bank (TD.TO) off 1.3 percent at C$73.60, while Royal Bank of Canada (RY.TO) shed 0.6 percent to C$54.94.

Analysts said broader concerns about euro zone debt levels kept investors wary. As well, Latimer said financials may be taking a hit as investors place money into other sectors.

$1=$1.00 Canadian Additional reporting by Ka Yan Ng; editing by Rob Wilson

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