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TSX ends up 0.58 of a point at 20,585.73
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Bank stocks weigh after bearish brokerage action
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Energy gains 0.4%; oil settles 0.8% higher
(Adds details throughout, updates prices to close)
By Shashwat Chauhan and 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, preliminary
data showed.
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 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.
(Reporting by Shashwat Chauhan and Vansh Agarwal in Bengaluru;
Editing by Shailesh Kuber and Lisa Shumaker)
