Markets snap losing run

The Toronto Stock Market closed little changed Friday with buyers inclined to be cautious going into the weekend as the eurozone debt crisis continued to cast a pall over trading.

The S& P/ TSX composite index gained 10.40 points to 11,576.47, finely balanced as gold and energy stocks rose alongside rising commodity prices and bank stocks backed off on concerns about the European banking system. The TSX Venture Exchange rose 26.80 points to 1,309.27.

The Canadian dollar dipped US0.23¢ to US97.13¢.

U. S. markets were negative ahead of the Memorial Day holiday long weekend and failed to find lift from data showing improving U. S. consumer confidence. The University of Michigan’s widely watched index came in at 79.3 for this month up from 76.4 in April.

It was the latest example of traders ignoring positive economic data and continuing to focus on the possible unravelling of the eurozone.

“The U. S. economy is on a self- sustaining ( recovery) path and these recent numbers just ahead of summer and the holiday season bode well,” said Paul Vaillancourt, chief investment officer at Canadian Wealth Management.

The Dow Jones industrial average was 74.92 points lower at 12,454.83.

The Nasdaq composite index lost 1.85 points to 2,837.53 and the S& P 500 index fell 2.86 points to 1,317.82.

The TSX registered a solid gain this week after three weeks of losses, up 296 points, or 2.6%, as traders moved in to buy up stocks that have been beaten down in value this month. But even so, the Toronto market has shed about 6% so far in May, reflecting a growing possibility that Greece will leave the euro.

The financial sector was the biggest TSX loser despite earnings reports from Bank

of Montreal and Toronto- Dominion Bank earlier this week that beat analyst expectations. The sector moved down 1% on weaker outlooks and concerns about the potential fallout for the eurozone financial system if Greece leaves the monetary union. TD Bank lost 77¢ to $ 78.22 and Royal

Bank of Canada fell $ 1.03 to $ 50.35. The gold sector was ahead about 1.4% as the June bullion contract on the New York Mercantile Exchange gained US$ 11.40 to US$ 1,568.90 an ounce. The energy sector gained 0.9% as oil prices turned positive following the release of the American consumer data with the July crude contract in New York moving US26¢ higher to US$ 90.86 a barrel. Canadian Natural Resources gained 29¢ to $ 31.70 while

Suncor Energy rose 38¢ to $ 28.87.