March 4, 2015 / 4:08 PM / 2 years ago

CANADA STOCKS-Bank, energy shares pull TSX lower in choppy trade

2 Min Read

* TSX down 114.71 points, or 0.76 percent, at 15,019.74

* All of 10 main index sectors decline

* Energy shares slipped 1.4 percent

By John Tilak

TORONTO, March 4 (Reuters) - Canada's main stock index fell in volatile trading on Wednesday as shares of banks declined after recent quarterly earnings reports and energy shares slipped after the price of crude oil dropped.

Bank shares have been choppy since the major banks began reporting results last week. It was a mixed quarter overall, with Bank of Nova Scotia capping off the earnings season by posting a weaker-than-expected quarterly profit on Tuesday.

Investors also processed news that the Bank of Canada held rates steady and voiced satisfaction with how the market and the economy had reacted to its rate cut in January.

The benchmark TSX declined for a second straight session, and every major sector was trading in the red.

"The North American markets look fatigued, and a brief pause may be in order," said Stan Wong, director of wealth management and portfolio manager at Scotia McLeod.

"Both the S&P 500 and the TSX have been approaching overbought conditions from a technical perspective, and we are trading at the higher end of historical valuation ranges," he added.

The Toronto Stock Exchange's S&P/TSX composite index was down 114.71 points, or 0.76 percent, at 15,019.74.

Financials, the index's most heavily weighted sector, fell 0.6 percent. Scotiabank lost 1.2 percent to C$64.99, and Toronto Dominion Bank shed 0.6 percent to C$53.87.

Shares of energy producers gave back 1.3 percent. Canadian Natural Resources Ltd dropped 2.3 percent to C$36.08, and Suncor Energy Inc slipped 1.4 percent to C$37.02. (Editing by Meredith Mazzilli)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below