CANADA STOCKS-TSX slips after TD, CIBC drop after results

Thu Aug 28, 2014 11:00am EDT
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* TSX down 22.76 points, or 0.15 percent, at 15,579.89
    * Six of 10 main index sectors decline
    * TD slips 0.6 percent, CIBC falls 2.7 percent

    By John Tilak
    TORONTO, Aug 28 (Reuters) - Canada's main stock index
declined on Thursday as shares of Toronto Dominion Bank 
and Canadian Imperial Bank of Commerce fell after the
two lenders reported quarterly results.
    Bank shares had a strong run-up before their earnings and
portfolio managers said that expectations may have gotten ahead
of themselves.
    News of escalating tensions in Ukraine was another drag,
with Ukrainian President Petro Poroshenko saying that Russian
forces had entered his country and the military conflict was
worsening after Russian-backed separatists swept into a key town
in the east. 
    Investors also processed data showing a
stronger-than-expected rebound in the U.S. economy in the second
    "There's still a considerable amount of concern about
Ukraine. Markets don't want to see a Cold War develop. That's
lurking on the back of people's minds," said Irwin Michael,
portfolio manager at ABC Funds.
    "Our sense is that the market will sawtooth its way up and
end the year higher than where we are today," he added.
"However, it will be very volatile."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 22.76 points, or 0.15 percent, at 15,579.89.
Six of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, gave
back 0.8 percent.
    TD shares lost 0.6 percent, to C$57.45, after the country's
second-biggest bank reported a stronger-than-expected quarterly
profit, boosted by gains at its core Canadian retail business.
    CIBC's stock shed 2.7 percent to C$102.65 after the lender
reported a higher third-quarter profit, helped by strong gains
at its wealth management and investment dealer divisions.
    Shares of energy producers were down 0.2 percent, with
Suncor Energy Inc falling 0.3 percent to C$44.08 and
Canadian Natural Resources Ltd declining 0.2 percent to

 (Editing by Meredith Mazzilli)