CANADA STOCKS-TSX ekes out small gain on banks, golds

* TSX up 0.06 percent at 11,361.19

* Energy sector weighs as crude retreats
(Updates with analyst quotes)

By Ka Yan Ng

TORONTO, Jan 26 (BestGrowthStock) – Toronto’s main stock index eked
out a small gain on Tuesday after rebounding from a near
seven-week low as sagging energy shares were offset by renewed
strength in golds and financials.

A turnaround in banking stocks helped lead the small
advance, with Royal Bank of Canada (RY.TO: ) up 1.25 percent at
C$53.37 and by Bank of Montreal (BMO.TO: ) ahead 1.4 percent at
C$53.38. The country’s other three big banks also finished in
positive territory, helping the financials group rise 0.42
percent.

Gold producers were also a key support as the precious
metal rallied from a session low to finish at just under $1,100
an ounce. Barrick Gold (ABX.TO: ) was among the major gainers, up
0.8 percent at C$38.38.

But energy issues continued to be key downside movers, in
concert with a weaker price of crude oil, which at one point
dipped below $74 a barrel [ID:nN26116773]. EnCana (ECA.TO: ) led
the heavyweight decliners with a 1.77 percent fall to C$33.76.

The Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) finished up 6.68 points, or 0.06 percent, at
11,361.19.

The TSX swung to to its lowest level since Dec. 9 on
concerns over the economic recovery after China’s clampdown on
lending raised doubts about the robustness of Chinese demand
for commodities such as oil.

The index managed to regain early losses, but ended the
session much where it began as uncertainty prevailed, said
Peter Chandler, senior vice-president at Canaccord Wealth
Management.

“Markets can handle good news. Markets can handle bad news.
But what the markets have a tough time digesting, is not
knowing what the news is. If there’s one thing that bothers
them, it’s uncertainty,” said Chandler. “That’s sort of where
the market is.”

He pointed to the impact of China’s policy moves, the White
House’s plan to rein in big U.S. banks, and the depth of the
global economic recovery as examples of uncertainty.

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($1=$1.06 Canadian)
(Editing by Rob Wilson)

CANADA STOCKS-TSX ekes out small gain on banks, golds