CANADA STOCKS-TSX pulled lower as Scotiabank shares unloaded
* 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 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)
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