CANADA STOCKS-TSX flat, hurt by weakness in banks, oil and gas

Fri Dec 5, 2014 4:42pm EST
 
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* TSX up 3.75 points, or 0.03 percent, at 14,473.7

* Banks and energy shares weigh

* Index fell 1.8 pct fall on week

By Alastair Sharp

TORONTO, Dec 5 (Reuters) - Canada's main stock index ended flat on Friday, rattled by lusterless bank earnings and weakness in oil and gas shares, a day after its biggest single-day drop in 18 months.

The resource-rich index has been pummeled in recent months by a slumping price for crude oil, which closed at its lowest since July 2009, with underwhelming numbers from some of Canada's biggest lenders adding to the gloom.

"This disappointment from the banks could honestly not have come at a worse time for the TSX" given the strain on energy stocks, said Elvis Picardo, a strategist at Global Securities in Vancouver.

Shares in Bank of Nova Scotia lost 2 percent to C$66.20 after Canada's No. 3 lender reported weaker-than-expected profit on previously announced charges related to soured bets in the Caribbean and Latin America.

Other banks whose results have failed to impress also slipped, with Canadian Imperial Bank of Commerce off 1.2 percent at C$102.33.   Continued...