CANADA STOCKS-TSX pulled lower as Scotiabank shares unloaded

Tue Dec 8, 2009 11:16am EST
 
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 * TSX down 0.7 percent at 11,410.05
 * Bank of Nova Scotia shares drop 2.1 percent to C$27.59
 * Commodities prices also pressure market
 (Adds details and comments)
 By Irene Kuan
 TORONTO, Dec 8 (Reuters) - Toronto's main stock index was
lower on Tuesday morning as the market pulled down Bank of Nova
Scotia (BNS.TO: Quote) for missing expectations in its earnings
report.
 Bank of Nova Scotia shares fell 2.1 percent to C$27.59.
Some other bank shares were also lower.
 Canada's No. 3 lender reported a surge in fourth quarter
profits but per-share profit of 83 Canadian cents fell short of
market expectations of 87 Canadian cents. [ID:nN07115511]
 Scotiabank is Canada's most international lender, with
strong retail operations in Latin America and the Caribbean and
a smaller, but growing presence in other developing markets.
 "There's higher risk in Bank of Nova Scotia, or more of a
chance of volatility just because the Latin American markets
have increased so well in the last six months," said Paul
Gardner, partner & portfolio manager at Avenue Investment
Management.
 "If they turn down, Bank of Nova Scotia is definitely.
subject to that, so I would think there could be some
vulnerability there."
   Other banks that weighed on the market were Royal Bank of
Canada (RY.TO: Quote), which was down 1.12 percent at C$54.78.
Toronto-Dominion Bank (TD.TO: Quote) fell 0.89 percent to C$65.61.
 Commodities prices also pressured the resource-heavy index,
as gold and oil fell due to a stronger U.S. dollar.[O/R][GOL/]
 Canada's No. 1 gold miner Barrick Gold (ABX.TO: Quote) fell 2.44
percent at C$43.54, while Suncor Energy (SU.TO: Quote) was down 0.98
percent to C$36.40.
 At 10:25 (1525 GMT),the S&P/TSX composite index .GSPTSE
was down 79.58 points, or 0.7 percent, at 11,410.05.
 ($1=$1.05 Canadian)
 (Reporting by Irene Kuan; Editing by Peter Galloway)