CANADA STOCKS-TSX falls as results from Manulife, others disappoint

Thu Feb 11, 2016 10:47am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details throughout, updates prices)

* TSX down 112.43 points, or 0.92 percent, at 12,073.29

* Nine of the TSX's 10 main groups fall; gold miners jump

TORONTO, Feb 11 (Reuters) - Canada's main stock index fell 1 percent on Thursday, hitting a three-week low as a string of disappointing corporate earnings reports added to broad investor unease about the global economy.

The most influential weight on the index was Manulife Financial Corp, which slumped 7.3 percent to C$16.05 after the country's largest insurer missed market estimates for the fourth quarter and said it would be difficult to achieve its core earnings target for 2016.

The heavyweight financials group fell 1.9 percent to its lowest level in more than two years, with Royal Bank of Canada down 1.7 percent to C$65.08 and Toronto-Dominion Bank off 1.7 percent at C$48.86.

Telus Corp declined 3.4 percent to C$38.49 after the telecom company reported a fall in quarterly profit, hurt by increased competition and weaker demand for its wireless services, which the company blamed in part on broader economic weakness, particularly in Alberta.

Teck Resources Ltd, North America's largest producer of steel-making coal, declined 5.2 percent to C$5.16. Cost-cutting helped the diversified miner report a surprise adjusted profit but it also recorded an impairment charge as it slashed its workforce.

At 10:13 a.m. EST (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 112.43 points, or 0.92 percent, at 12,073.29.   Continued...