CANADA STOCKS-TSX drops as U.S. earnings disappoint

Thu Oct 15, 2009 10:15am EDT
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 * TSX down 16.11 points at 11,516.67
 * Bank shares headline latest selloff
 (Adds details and comments)
 By Frank Pingue
 TORONTO, Oct 15 (Reuters) - Toronto's main stock index was
pinned lower on Thursday as Royal Bank of Canada RY.TO and
other financial shares stumbled after quarterly results from a
pair of big U.S. banks disappointed investors.
 Royal Bank shares, the biggest drag on the index, were down
0.46 percent at C$55.68, while Toronto-Dominion Bank TD.TO
was 0.47 percent lower at C$65.42.
 Quarterly results from Goldman Sachs Group GS.N and
Citigroup Inc C.N on Thursday failed to live up to the
expectations of some investors after a strong showing by
JPMorgan JPM.N the day before.
 Gold miners were also a drag on the index as the price of
gold fell 1 percent to under $1,050 an ounce on concern that a
sharp rise on Wednesday was overdone.
 Shares of Barrick Gold Corp ABX.TO dropped 0.8 percent to
C$40.64, while Kinross Gold K.TO shares were down 0.8 percent
at C$23.87.
 At 10:00 a.m. (1400 GMT), the S&P/TSX composite index
.GSPTSE was down 16.11 points, or 0.14 percent, at
 "We had a huge barrier reached yesterday with the Dow
closing above 10,000 and that buying power spilled into the
Canadian market and so you just got a little bit of a give-back
today," said Bruce Latimer, trader at Dundee Securities.
 "To have some sort of profit-taking over a day or a few
days would not be unexpected."
 ($1=$1.03 Canadian)
 (Reporting by Frank Pingue; editing by Peter Galloway)