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TSX ends up 0.2%, at 19,501.49
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For the week, the index gains 0.6%
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Materials and industrials both rise 0.4%
(Adds details on activity throughout; updates prices to close)
By Johann M Cherian and Fergal Smith
March 24 (Reuters) -
Canada's main stock index clawed back its earlier decline to close higher on Friday, helped by gains for industrials and gold mining shares, as turmoil in the global banking sector persisted.
The Toronto Stock Exchange's S&P/TSX composite index ended up 41.57 points, or 0.2%, at 19,501.49, preliminary data showed. It was up 0.6% for the week, after two straight weeks of declines.
Wall Street also closed higher as U.S. Federal Reserve officials calmed investor skittishness over a potential liquidity crisis in the banking sector.
Shares in German giant
Deutsche Bank were knocked by worries that regulators and central banks have not yet contained the worst shock to the sector since the 2008 global financial crisis.
"Markets continue to wrestle with this flare-up in uncertainty within the banking industry," said Craig Basinger, chief market strategist at Purpose Investments. "On a day-to-day basis, it looks worse today, with what's going on in Deutsche Bank and the European banks." The energy sector was down 0.6% as oil settled 1% lower at $69.26 a barrel. In contrast, industrials and materials both rose 0.4%.
The latter includes gold and base metals miners and
fertilizer companies. Gold has benefited in recent days from
safe-haven demand.
(Reporting by Johann M Cherian in Bengaluru; Editing by Pooja
Desai and Marguerita Choy)
