CANADA STOCKS-TSX falls as energy, financials weigh

Tue Apr 21, 2009 10:15am EDT
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* TSX down 13.42 points at 9,107.90

* Energy and financials lead drop

* Bank of Canada cuts interest rate (Adds details and comments)

By Frank Pingue

TORONTO, April 21 (Reuters) - Toronto's main stock index was lower on Tuesday morning, falling on fresh concerns over gloomy U.S. corporate profits and after the Bank of Canada cut its key interest rate to an historic low.

A drop in oil prices pulled down the energy sector, while weighty financials dropped after Bank of New York Mellon Corp BK.N reported a lower quarterly profit, shining a spotlight on the difficult market environment for banks. [ID:nN21414260]

Shares of Royal Bank of Canada RY.TO, the main drag on the index, slid 1 percent to C$40.64, while insurer Manulife Financial MFC.TO fell 1 percent to C$19.06.

EnCana Corp ECA.TO led the energy sector lower as its shares dropped 2 percent to C$51.53, while Talisman Energy TLM.TO followed with a drop of 2 percent to C$13.92.

"Obviously oil (prices) took it pretty hard on the chin yesterday and as of right now you are not seeing a rebound, in fact you are seeing further weakness," said Gareth Watson, Canadian equity advisor at ScotiaMcLeod.   Continued...