CANADA STOCKS-TSX tumbles to a one-week low as oil falls, bank stocks drag

Wed Feb 24, 2016 11:02am EST
 
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(Updates prices)

* TSX down 183.36 points, or 1.44 percent, to 12,580.08

* Eight of the TSX's 10 main groups are lower

TORONTO, Feb 24 (Reuters) - Canada's main stock index tumbled to a one-week low on Wednesday as lower oil prices weighed on the resource-linked market, and weaker-than-expected bank earnings dragged down financial stocks.

The most influential movers on the index were bank stocks after Royal Bank of Canada posted quarterly earnings which fell short of analyst forecasts.

RBC, Canada's second-largest lender by assets, was hurt by weakness in its insurance and capital markets businesses, while it also showed increasing signs of pain from the oil price crash and economic slowdown in Western Canada.

Its stock fell 5.5 percent to C$65.80, and Toronto-Dominion Bank declined 3.8 percent to C$50.20. The overall financials group fell 3.2 percent.

The energy group fell 0.8 percent as crude oil prices fell after Saudi Arabia ruled out production cuts and an industry report underlined the supply glut.

U.S. crude prices were down 2.1 percent to $31.21 a barrel.   Continued...