Financials Drag TSX Notably Lower - Canadian Commentary

(RTTNews) - Canadian stocks moved lower on Tuesday as traders expressed caution ahead of some big earnings reports across the border. Weakness in the financial sector offset modest gains for energy stocks.

The S&P/TSX Composite Index dropped 100.24 points or 0.87% to move at 11,336.68. The market, which was closed on Monday for Thanksgiving, added more than 400 points last week.

Financial stocks are down more than 1.7% with the big six banks all seeing notable weakness. Royal Bank (RY.TO) has dropped 2%, CIBC (CM.TO) and Toronto-Dominion (TD.TO) has lost 1.7% and Scotiabank (BNS.TO) is down 1.6%.

Consumer discretionary stocks are down 1.6%. Magna International (MG.A.TO) has dropped 3.6%, Thomson Reuters (TRI.TO) has dropped 2.4% and Gildan (GIL.TO) is down 2.2%.

Energy stocks are up 0.6%. Canadian Oil Sands (COS.UN.TO) has added 2.3% and Canadian Natural Resources (CNQ.TO) has gained 1.5%.

In corporate news, HudBay (HBM.TO) is up 0.2% after the stock had its target price increased to C$14.50 from C$9 by Credit Suisse.

MDS (MDS.TO) has dropped 3.4% after the stock was downgraded to Hold from Buy and had its target price cut to $9 from $9.50 at Jefferies & Co.

International Road Dynamics (IRD.TO) has rallied 7.6% after the highway traffic management technology provider reported third quarter net earnings rose to C$519,070 or C$0.03 per share from C$188,270 or C$0.01 per share in the previous year.

Breaker Energy Ltd. (WAV.TO) has added 1.2% after the upstream oil and gas company announced it will be acquired by NAL Oil & Gas Trust (NAE_UN.TO) for about C$403 million including debt. NAL has lost 0.4%.

On the economic front, Statistics Canada reported on Tuesday that new home prices increased 0.1% in August following a 0.3% advance in July. Economist were looking for new home prices to rise 0.2%.

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