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, 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)