* TSX ends down 2.80 points at 12,037.59
* Stronger financials offset weak commodities
By Claire Sibonney
TORONTO, April 16 (Reuters) – Toronto’s main stock index
paused o n M onday after posting its seventh straight weekly loss
in the last session, as concerns over Europe’s debt crisis and
slowing growth in China offset some better-than-expected U.S.
economic data.
Financials and telecoms were among the biggest gainers, up
0.7 percent and 0.4 percent respectively. All of the five big
banks were higher, led by Toronto-Dominion Bank, up 0.9
percent to C$82.70 and Bank of Nova Scotia, up 1
percent to C$54.63.
The Toronto Stock Exchange’s S&P;/TSX composite index
ended down 2.80 points, or 0.02 percent, at 12,037.59
Five of the 10 sectors were in negative territory, including
materials, off 1.4 percent.
On the upside, Americans shrugged off high gasoline prices
in March and spent more strongly than expected, suggesting
economic growth in the first quarter was probably not as weak as
many had feared.
A recent string of soft economic data, highlighted by the
recent March U.S. payrolls report, increased worry the economic
recovery had begun to slow.
Market sentiment in the euro zone was still on edge as
Spanish 10-year government bond yields broke
through the 6 percent mark for the first time since December,
sparking a record-breaking rally in low-risk German debt.
Sid Mokhtari, market technician at CIBC, said investors are
also still waiting for more U.S. earnings for further direction.
“They want to see what kind of guidance we get,” said
Mokhtari.
“People are starting to bet that the repeat of the selloff
of 2010 and the repeat of another selloff in 2011 is probably
going to occur in this environment… I have a difficult time
wanting to swallow the whole assumption.”
Earnings season will pick up steam this week, with 86 S&P;
500 companies scheduled to report results. According to Thomson
Reuters data through Monday, of the 34 S&P; 500 companies to have
reported results so far, 76 percent have reported earnings above
analyst expectations.
