November 3, 2009 / 3:00 PM / 9 years ago

CANADA STOCKS-TSX falls on banks but railways ride higher

 * TSX down 77.61 points at 10,800.74
 * Weighty banks shares weigh on index
 * Railway shares help cushion fall  (Adds details and comments)
 By Frank Pingue
 TORONTO, Nov 3 (Reuters) - Toronto’s main stock index was lower on Tuesday morning as Royal Bank of Canada (RY.TO) and other banks were unloaded due to concerns about the European banking sector.
 Royal Bank shares were down 1.4 percent at C$54.15, while Toronto-Dominion Bank (TD.TO) fell 1 percent to C$62.11.
 The slide in weighty bank shares followed poor results from UBS UBSN.VS and a shakeup of British banks Lloyds (LLOY.L) and Royal Bank of Scotland (RBS.L).
 Helping to cushion the early slide in the TSX was a rally in railway stocks on news that Warren Buffett’s Berkshire Hathaway will buy railroad Burlington Northern in a $26 billion deal. [ID:nN03483590]
 That helped boost Canadian National Railway (CNR.TO) shares 2.6 percent to C$53.96, while Canadian Pacific (CP.TO) shares rose 4 percent to C$49.11.
 At 9:50 a.m. (1350 GMT), the S&P/TSX composite index .GSPTSE was down 77.61 points, or 0.71 percent, at 10,800.74.
 “The main culprits over the last little while have been the financials,” said John Kinsey, portfolio manager at Caldwell Securities Ltd. “European banks started this earlier and it’s come across the pond and is just spreading.”
 ($1=$1.08 Canadian)  (Editing by Peter Galloway)                                      

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