December 8, 2009 / 4:18 PM / 9 years ago

CANADA STOCKS-TSX pulled lower as Scotiabank shares unloaded

 * TSX down 0.7 percent at 11,410.05
 * Bank of Nova Scotia shares drop 2.1 percent to C$27.59
 * Commodities prices also pressure market  (Adds details and comments)
 By Irene Kuan
 TORONTO, Dec 8 (Reuters) - Toronto’s main stock index was lower on Tuesday morning as the market pulled down Bank of Nova Scotia (BNS.TO) for missing expectations in its earnings report.
 Bank of Nova Scotia shares fell 2.1 percent to C$27.59. Some other bank shares were also lower.
 Canada’s No. 3 lender reported a surge in fourth quarter profits but per-share profit of 83 Canadian cents fell short of market expectations of 87 Canadian cents. [ID:nN07115511]
 Scotiabank is Canada’s most international lender, with strong retail operations in Latin America and the Caribbean and a smaller, but growing presence in other developing markets.
 “There’s higher risk in Bank of Nova Scotia, or more of a chance of volatility just because the Latin American markets have increased so well in the last six months,” said Paul Gardner, partner & portfolio manager at Avenue Investment Management.
 “If they turn down, Bank of Nova Scotia is definitely. subject to that, so I would think there could be some vulnerability there.”
   Other banks that weighed on the market were Royal Bank of Canada (RY.TO), which was down 1.12 percent at C$54.78. Toronto-Dominion Bank (TD.TO) fell 0.89 percent to C$65.61.
 Commodities prices also pressured the resource-heavy index, as gold and oil fell due to a stronger U.S. dollar.[O/R][GOL/]
 Canada’s No. 1 gold miner Barrick Gold (ABX.TO) fell 2.44 percent at C$43.54, while Suncor Energy (SU.TO) was down 0.98 percent to C$36.40.
 At 10:25 (1525 GMT),the S&P/TSX composite index .GSPTSE was down 79.58 points, or 0.7 percent, at 11,410.05.
 ($1=$1.05 Canadian)  (Reporting by Irene Kuan; Editing by Peter Galloway)                                      

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