June 10, 2009 / 6:29 PM / 10 years ago

CANADA STOCKS-TSX flat as banks offset energy rally

* TSX up 5.79 points at 10,553.65

* Bank shares erase earlier TSX rally

* Energy shares cushion overall slide (Recasts)

TORONTO, June 10 (Reuters) - Toronto’s main stock index was largely unchanged on Wednesday as concerns about an economic recovery shook financials, offsetting the lift that higher oil prices gave to energy shares.

Results of a U.S. Treasury auction raised the specter of higher borrowing costs, another negative for equities that have straddled the break-even level during the latest session.

Financial shares, which account for about 33 percent of the TSX index, were down 0.56 percent and dealt the biggest blow to the broader index.

Shares of Toronto-Dominion Bank (TD.TO) were down 0.89 percent at C$56.99, while Bank of Montreal (BMO.TO) shares were off 0.8 percent at C$44.70.

At 2:20 p.m. (1820 GMT), the S&P/TSX composite index .GSPTSE was up 5.79 points, or 0.05 percent, at 10,553.65. Earlier it rallied as much as 126 points.

Keeping the broader index from a sharp slide was the energy sector, which was 1 percent higher as oil prices topped $71 a barrel on Wednesday for the first time in seven months.

Shares of Suncor Energy (SU.TO) were up 1.4 percent at C$39.21, while EnCana Corp (ECA.TO) shares rose 1.2 percent to C$61.47.

“It’s just unbelievable the action in the energy sector,” said Sal Masionis, stockbroker at Brant Securities. “A few months ago there was no way you’d expect (oil prices) to be where they are now.”

$1=$1.11 Canadian Reporting by Frank Pingue; editing by Janet Guttsman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below