CANADA STOCKS-TSX drops with Scotiabank, energy shares
* TSX down 109.69 points, or 0.73 percent, at 14,427.93 * Six of 10 main index sectors advance * Energy shares shed 3.7 percent By John Tilak TORONTO, Nov 4 (Reuters) - Canada's main stock index fell on Tuesday as the energy sector tumbled with oil prices and Bank of Nova Scotia declined after the lender announced job losses. Scotiabank, Canada's No. 3 lender, said it was cutting about 1,500 jobs and booking a pre-tax charge of C$451 million ($396 million), mainly due to bets that have soured in the Caribbean and South America. The stock dropped 1.2 percent to C$67.97. Oil prices tumbled to multiyear lows after major exporter Saudi Arabia cut sales prices to the United States, dragging down shares of energy producers. Energy shares fell 3.7 percent and are down 27 percent since the middle of June. "The selloff is overdone. We're well into oversold territory," said Stan Wong, director of wealth management and portfolio manager at Scotia McLeod. "I don't think oil prices can fall too much lower," he said. "The Canadian producers are very well positioned in terms of their costs and their ability to make profits even at these levels." Wong said he has been acquiring energy shares, including Canadian Natural Resources Ltd and Suncor Energy Inc , as their valuations have started to look appealing. The Toronto Stock Exchange's S&P/TSX composite index was down 109.69 points, or 0.73 percent, at 14,427.93. Six of the 10 main sectors on the index were higher. Among energy shares, Canadian Natural lost 3.3 percent to C$37.03, and Suncor dropped 3 percent to C$37.40. TransCanada Corp was little changed after the pipeline company posted a better-than-expected third-quarter profit, helped by higher earnings from its Keystone and Mexican pipelines. Financials, the index's most heavily weighted sector, edged higher. Royal Bank of Canada climbed 0.7 percent to C$80.60. (Editing by James Dalgleish)
© Thomson Reuters 2017 All rights reserved.