*
TSX ends up 0.58 of a point at 20,585.73
*
Bank stocks weigh after bearish brokerage action
*
Energy gains 0.4%; oil settles 0.8% higher
(Adds investor quotes in paragraphs three and five and details
on activity in paragraphs eight and nine)
By Fergal Smith
May 9 (Reuters) - Canada's main stock index was barely
changed on Tuesday, clawing back much of its earlier decline, as
gains for the energy and industrial sectors offset weakness in
financials after Barclays downgraded several bank stocks.
The Toronto Stock Exchange's S&P/TSX composite index ended up 0.58 of a point at 20,585.73.
"It's a market that is waiting for the next catalyst and
everyone is hesitant," said Greg Taylor, portfolio manager at
Purpose Investments.
Major U.S. stock indexes closed lower as investors grew more
cautious ahead of a U.S. consumer price index report and a
meeting between U.S. political leaders to discuss the debt
ceiling.
"The big thing in Toronto ... was good strength in the
energy stocks which seemed to bounce a bit with the commodity
price but that was offset by some downgrades of some of the
banks."
The TSX's financials sector, which accounts for 28% of the
index's weighting, was down 0.6%, including declines for major
bank stocks, such as Royal Bank of Canada , Bank of Nova
Scotia and Toronto-Dominion Bank after Barclays
cut its price targets on the stocks.
Industrials rose 0.5% and energy was up 0.4% as the price of
oil settled 0.8% higher at $73.71 a barrel.
Energy rose despite a 1% decline for the shares of Suncor
Energy Inc after the company reported quarterly results.
Among the biggest gainers was
SNC-Lavalin Group Inc
. Shares of the project management company were up 12.2%
after its quarterly results.
(Reporting by Fergal Smith in Toronto and Shashwat Chauhan and
Vansh Agarwal in Bengaluru; Editing by Shailesh Kuber, Lisa
Shumaker and David Gregorio)
