CANADA STOCKS-TSX turns lower as TD and energy shares fall

Fri Mar 10, 2017 11:24am EST
 
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(Adds portfolio manger comment, details, updates prices)

* TSX down 31.76 points, or 0.2 percent, to 15,465.08

* Six of the TSX's 10 main groups fall

TORONTO, March 10 (Reuters) - Canada's main stock index turned negative in mid-morning trade on Friday, with shares in Toronto-Dominion Bank falling sharply on reports of employees admitting to breaking the law under pressure to meet sales targets.

The bank, one of Canada's biggest, was last down 2.7 percent at C$67.97, after CBC said hundreds of current and former TD employees had responded with corroboration of an earlier report about the bank's tactics. (here)

"I would assume that if these allegations are true then it's going to become a bigger story and you're going to see the regulators and the government take a look at TD is going to be dragged through the mud," said Barry Schwartz, a portfolio manager at Baskin Financial Services.

TD did not immediately respond to requests for comment.

The financials group slipped 0.3 percent, despite many of its biggest members moving higher as solid domestic jobs data broadly boosted bond yields.

The energy group retreated 0.7 percent, as oil prices fell further after sharp losses in the past two sessions. Canadian Natural Resources declined 1.3 percent to C$42.73 after jumping sharply on Thursday's news the company would buy significant oil sands assets from Royal Dutch Shell.   Continued...