CANADA STOCKS-TSX drops as U.S. earnings disappoint
* 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: Quote) and Citigroup Inc (C.N: Quote) on Thursday failed to live up to the expectations of some investors after a strong showing by JPMorgan (JPM.N: Quote) 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: Quote) 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 11,516.67.
"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)
© Thomson Reuters 2017 All rights reserved.