October 15, 2009 / 2:16 PM / 9 years ago

CANADA STOCKS-TSX drops as U.S. earnings disappoint

 * TSX down 16.11 points at 11,516.67
 * Bank shares headline latest selloff  (Adds details and comments)
 By Frank Pingue
 TORONTO, Oct 15 (Reuters) - Toronto’s main stock index was pinned lower on Thursday as Royal Bank of Canada (RY.TO) and other financial shares stumbled after quarterly results from a pair of big U.S. banks disappointed investors.
 Royal Bank shares, the biggest drag on the index, were down 0.46 percent at C$55.68, while Toronto-Dominion Bank (TD.TO) was 0.47 percent lower at C$65.42.
 Quarterly results from Goldman Sachs Group (GS.N) and Citigroup Inc (C.N) on Thursday failed to live up to the expectations of some investors after a strong showing by JPMorgan (JPM.N) the day before.
 Gold miners were also a drag on the index as the price of gold fell 1 percent to under $1,050 an ounce on concern that a sharp rise on Wednesday was overdone.
 Shares of Barrick Gold Corp (ABX.TO) dropped 0.8 percent to C$40.64, while Kinross Gold (K.TO) shares were down 0.8 percent at C$23.87.
 At 10:00 a.m. (1400 GMT), the S&P/TSX composite index .GSPTSE was down 16.11 points, or 0.14 percent, at 11,516.67.
 “We had a huge barrier reached yesterday with the Dow closing above 10,000 and that buying power spilled into the Canadian market and so you just got a little bit of a give-back today,” said Bruce Latimer, trader at Dundee Securities.
 “To have some sort of profit-taking over a day or a few days would not be unexpected.”
 ($1=$1.03 Canadian)  (Reporting by Frank Pingue; editing by Peter Galloway)                                      

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