The Toronto Stock Exchange’s benchmark index closed flat Wednesday as a slump in financial shares was offset by surging resource issues.

The S&P/TSX composite index finished up 1.02 points, or 0.01%, at 14,088.51.

The financials group was the biggest drag, falling 1.05%. Toronto-Dominion Bank shares lost 1.37%, Bank of Montreal lost 1% and Royal Bank of Canada was off 1.56%.

RBC was briefly was overtaken as Canada’s wealthiest company during the session. The market value of Research in Motion briefly topped $68.99 billion in trading on the Toronto Stock Exchange, eclipsing longtime TSX front runner Royal Bank’s intraday high of $68.5 billion.

Research in Motion finished off 11¢to $120.31.

Wednesday’s losses were tempered by the energy, gold and metals sectors, which rose alongside crude oil and bullion prices.

The energy sector gained 0.55% as oil prices surged after data showed crude oil inventories plummeted by 5.3 million barrels last week. Analysts had expected a rise of 300,000 barrels.

The December crude oil contract on the New York Mercantile Exchange jumped US$1.83 to US$87.10 a barrel.

EnCana moved up $1.04 to $63.39.

The junior S&P/TSX Venture composite index added 0.42 of a point to close at 3,018.68.

The Canadian dollar slipped 0.32 of a cent to US103.19¢.


In New York, U.S. blue-chip stocks ended flat on after trimming steep losses late in the session amid speculation the U.S. Federal Reserve may act to cut the discount rate.

Before markets opened, Merrill Lynch & Co. Inc. reported its first quarterly loss in nearly six years, sparking a selloff.

The Dow Jones industrial average was down just 0.98 of a point, or 0.01%, at 13,675.25. The S&P 500 was down 3.71 points, or 0.24%, at 1,515.88. The tech-heavy Nasdaq composite index (.was down 24.50 points, or 0.88%, at 2,774.76.