December 3, 2010 / 3:57 PM / 8 years ago

CANADA STOCKS-TSX little changed, bruised by Royal results

* TSX little changed at 13,161.55

* Eight sectors lower, led by financials

* Materials, led by gold-mining issues, offset declines (Adds details)

TORONTO, Dec 3 (Reuters) - Toronto’s main stock index was little changed on Friday morning as the impact of an unexpectedly weak U.S. jobs report and soft results from Royal Bank of Canada (RY.TO) was balanced by gains in materials shares.

Financials were the main drag, down 0.94 percent after Royal Bank reported a drop in quarterly profit. [ID:nN03286521] Royal, the country’s biggest bank, was down 4.7 percent at C$53.09. Bank of Montreal (BMO.TO) fell 1.3 percent to C$60.03 and CIBC (CM.TO) was off 0.2 percent at C$79.13.

Bucking the trend, Bank of Nova Scotia (BNS.TO) advanced 1.5 percent to C$54.80 after it reported a quarterly profit that rose 21 percent. [ID:nN01163503]

“Bank of Nova Scotia exceeded expectations, led by the international markets, meaning if you’re outside of North America, you’re doing very well,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

“Royal Bank is more domestic and capital-markets-related.

After four straight rising sessions, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was 1.98 points lower at 13,161.55.

“It was so strong (on the recent run) and you’d think it’d give back some, but very little,” Nakamoto said.

Eight of the index’s 10 sectors were lower but the overall decline was cushioned by a rise in the index’s materials sector, up 1.6 percent.

Gold-mining stocks were among the big risers in the materials group following bullion’s jump to a three-week high. Barrick Gold (ABX.TO) rose 2.76 percent to C$55.04, while Kinross Gold (K.TO) added 2.4 percent to C$18.68.

Economic data also weighed on sentiment. U.S. employment barely grew in November and the jobless rate unexpectedly hit a seven-month high, disappointing those who had thought the U.S. economy was accelerating after a soft patch in the summer. [ID:nN02238002]

In Canada, the numbers were also disappointing with fewer than expected jobs created in November. The unemployment rate fell but that was attributed to more youth leaving the job market. [ID:nN03271210]

$1=$1.005 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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