CANADA STOCKS-TSX drops 1.3 percent as TD, energy shares weigh

Thu Dec 4, 2014 11:10am EST
 
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* TSX down 184.91 points, or 1.25 percent, at 14,569.15

* All 10 main index sectors decline

* Energy shares drop 4.3 percent

By John Tilak

TORONTO, Dec 4 (Reuters) - Canada's main stock index dropped on Thursday as Toronto-Dominion Bank fell after the lender's quarterly results disappointed the market, offsetting a surge in Enbridge Inc after the pipeline company announced restructuring plans and a dividend increase.

Further, shares of energy producers tumbled again, this time after news of Saudi Arabia making deep price cuts for U.S. and Asian buyers sent the price of oil lower.

Enbridge shares shot up 10.5 percent after the company said late on Wednesday it will transfer its Canadian liquids pipelines business and certain renewable energy assets to an affiliate, and raised its quarterly dividend by a third.

TD reported a weaker-than-expected fourth-quarter profit and said it expects a more challenging operating environment in 2015. The stock shed 3 percent to C$55.21.

"The banks are starting to miss on earnings. I'm cautious towards the Canadian banks at the moment," said Colin Cieszynski, chief market strategist at CMC Markets.   Continued...