CANADA STOCKS-Royal Bank of Canada warning drags TSX lower

Mon Nov 24, 2008 9:57am EST
 
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TORONTO Nov 24 (Reuters) - The Toronto Stock Exchange's main index turned negative on Monday morning as the financials group was weighed down by an earnings warning from Royal Bank of Canada's (RY.TO: Quote), which offset gains in resource shares.

Royal, the country's biggest bank, said its fourth-quarter profit, due next week, would be reduced because of held-for-trading securities losses and said it would book a provision for credit losses of about C$620 million. [ID:nWNAB6795]

The financials group was down 2.5 percent. The S&P/TSX composite index .GSPTSE was down 1.97 points to 8,153.42.

($1=$1.26 Canadian) (Reporting by Ka Yan Ng; Editing by Peter Galloway)