CANADA STOCKS-TSX slides as financials fall on US report
* TSX falls 0.83 percent to 11,442.02
* Bank, insurers drop with U.S. financials after downgrade
* Gold shares reverse despite firmer gold price
By Ka Yan Ng
TORONTO, Oct 21 (Reuters) - Toronto's main stock index slid hard late in the day on Wednesday as bank and insurance shares fell on a U.S. analyst's report and as profit-taking hit gold-mining shares despite higher gold prices.
Banks and insurers in Toronto tracked U.S. financial stocks, which were hit by a late-day sell-off after an influential analyst recommended selling Wells Fargo stock. [ID:nWNAB2127]
Toronto-Dominion Bank (TD.TO: Quote) led all decliners, dropping 1.65 percent to C$64.20, followed by Manulife Financial MFC.TO, off 2.5 percent at C$21.80.
The S&P/TSX composite index .GSPTSE closed down 96.10 points, or 0.83 percent, at 11,442.02, its first significant drop in a week.
The main index has traded without much conviction recently as investors have tried to reconcile mixed earnings reports and economic indicators from Canada and the United States, a stronger Canadian dollar, and commodity prices that have pushed higher. The TSX is up 53 percent since March. Continued...