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TSX slips as Scotiabank weighs, North Korea missile stirs jitters
November 28, 2017 / 2:23 PM / 14 days ago

TSX slips as Scotiabank weighs, North Korea missile stirs jitters

TORONTO (Reuters) - Canada’s main stock index slipped on Tuesday, weighed by a fall in Bank of Nova Scotia (BNS.TO) shares after the firm agreed to buy a bank in Chile, and as investors were rattled after North Korea fired a ballistic missile.

The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 12.48 points, or 0.08 percent, at 16,029.64, the lowest close since Nov. 20.

* It had risen as high as 16,085.95, but lost ground in afternoon trade after North Korea launched a missile that landed close to Japan.

* The overall fall was in contrast to record closing highs on Wall Street. U.S. investors were cheered by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve.

* Seven of the Canadian index’s 10 main sectors ended lower, although most retreats were minor and decliners only just outnumbered advancers overall.

* Bank of Nova Scotia fell 2.1 percent to C$81.73 after Canada’s third biggest bank agreed to buy Spanish lender Banco Bilbao Vizcaya Argentaria SA’s (BBVA.MC) stake in BBVA Chile BHI.SN for $2.2 billion. Bank of Nova Scotia’s quarterly earnings, released at the start of the Canadian bank earnings season, also missed expectations. The financials group slipped 0.2 percent.

* The consumer discretionary group added 0.9 percent, with auto parts maker Magna International Inc (MG.TO) up 2.1 percent at C$70.44 and discount store chain Dollarama Inc (DOL.TO) up 0.9 percent at C$164.80 after Eight Capital raised its price target on the stock to C$185 from C$150.

Reporting by Alastair Sharp; Editing by Bernadette Baum and Leslie Adler

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