CANADA STOCKS-TSX falls as results from Manulife, others disappoint

Thu Feb 11, 2016 4:46pm EST
 
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(Adds strategist comment, updates prices)

* TSX ends down 98.35 points, or 0.81 percent, at 12,087.37

* Nine of the TSX's 10 main groups fall; gold miners jump

By Alastair Sharp

TORONTO, Feb 11 (Reuters) - Canada's main stock index fell on Thursday for a fifth straight session, hitting a three-week low as disappointing corporate earnings added to broad investor unease about the global economy.

The Toronto Stock Exchange's S&P/TSX composite index ended down 98.35 points, or 0.81 percent, at 12,087.37. Nine of its 10 main sectors lost ground.

The losses were broadly in line with falls on Wall Street but less steep than market slides in Europe, where a slump in banks and commodity-related stocks pushed a pan-Europe index to a 2-1/2 year low.

"There is just this overwhelming sense of bearishness that's got a fierce hold on the market," said Elvis Picardo, strategist at Global Securities in Vancouver. "In Canada the news hasn't been too encouraging as you've seen from the earnings that have come out today."

The most influential weight on the index was Manulife Financial Corp, which slumped 8.5 percent to C$15.84 after the country's largest insurer missed market estimates and said it would be difficult to achieve its core earnings target for 2016.   Continued...