CANADA STOCKS-TSX falls with mixed banks, softer golds

Mon Feb 22, 2010 11:07am EST
 
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* TSX down 0.14 percent at 11,692.51

* Banks in focus after recent rally, results start Thurs

* Golds lose luster with retreating bullion price (Adds details)

By Ka Yan Ng

TORONTO, Feb 22 (Reuters) - Toronto's main stock index eased on Monday as early support from firm oil and gold prices faded, while financials came under pressure after their recent run-up.

Some profit-taking was overdue, analysts said, after the TSX index had risen for eight straight sessions.

Financials were a mixed group. Some were among the top heavyweight decliners, including Royal Bank of Canada (RY.TO: Quote), down 0.7 percent at C$56.70, and Bank of Nova Scotia (BNS.TO: Quote), down 0.13 percent at C$47.74. But Bank of Montreal (BMO.TO: Quote) and Sun Life Financial (SLF.TO: Quote) headed the other way, with each rising about 0.4 percent.

The financials were also in the spotlight as first-quarter results for the banks will start being published later this week, kicking off with Canadian Imperial Bank of Commerce (CM.TO: Quote) on Thursday.

Having weathered the global financial crisis better than most lenders, Canada's big banks are expected to report unimpressive profits in their first quarter, due to the lingering effects of the recession and consequent loan losses. [ID:nN18224892]   Continued...