CANADA STOCKS-TSX slips after TD, CIBC drop after results
* TSX down 22.76 points, or 0.15 percent, at 15,579.89 * Six of 10 main index sectors decline * TD slips 0.6 percent, CIBC falls 2.7 percent By John Tilak TORONTO, Aug 28 (Reuters) - Canada's main stock index declined on Thursday as shares of Toronto Dominion Bank and Canadian Imperial Bank of Commerce fell after the two lenders reported quarterly results. Bank shares had a strong run-up before their earnings and portfolio managers said that expectations may have gotten ahead of themselves. News of escalating tensions in Ukraine was another drag, with Ukrainian President Petro Poroshenko saying that Russian forces had entered his country and the military conflict was worsening after Russian-backed separatists swept into a key town in the east. Investors also processed data showing a stronger-than-expected rebound in the U.S. economy in the second quarter. "There's still a considerable amount of concern about Ukraine. Markets don't want to see a Cold War develop. That's lurking on the back of people's minds," said Irwin Michael, portfolio manager at ABC Funds. "Our sense is that the market will sawtooth its way up and end the year higher than where we are today," he added. "However, it will be very volatile." The Toronto Stock Exchange's S&P/TSX composite index was down 22.76 points, or 0.15 percent, at 15,579.89. Six of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 0.8 percent. TD shares lost 0.6 percent, to C$57.45, after the country's second-biggest bank reported a stronger-than-expected quarterly profit, boosted by gains at its core Canadian retail business. CIBC's stock shed 2.7 percent to C$102.65 after the lender reported a higher third-quarter profit, helped by strong gains at its wealth management and investment dealer divisions. Shares of energy producers were down 0.2 percent, with Suncor Energy Inc falling 0.3 percent to C$44.08 and Canadian Natural Resources Ltd declining 0.2 percent to C$46.67. (Editing by Meredith Mazzilli)
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