CANADA STOCKS-TSX pares losses on higher oil prices but bank earnings weigh

Wed Feb 24, 2016 5:33pm EST
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(Adds portfolio manager quote, details on materials stocks, updates prices)

* TSX ends down 23.17 points, or 0.18 percent, at 12,740.27

* Five of the TSX's 10 main groups end lower

By Fergal Smith

TORONTO, Feb 24 (Reuters) - Canada's main stock index fell to a one-week low on Wednesday as weaker-than-expected bank earnings dragged down financial stocks, but higher crude oil prices helped pare some of the losses, providing support for energy stocks.

The biggest movers on the index were bank stocks after Royal Bank of Canada posted quarterly earnings which fell short of analyst forecasts.

RBC, Canada's second-largest lender by assets, was hurt by weakness in its insurance and capital markets businesses, while it also showed increasing signs of pain from the oil price crash and economic slowdown in Western Canada.

Its stock fell 2.6 percent to C$67.81, and Toronto-Dominion Bank declined 1.8 percent to C$51.23. The overall financials group fell 1.6 percent.

"We are starting to see where the loan losses on the oil patch fit in," said John Kinsey, a portfolio manager at Caldwell Securities.   Continued...