CANADA STOCKS-TSX slips as bank stocks weigh | Reuters

(Updates prices)

* TSX down 46.72 points, or 0.3 percent, at 15,430.22

* Half of the TSX’s 10 main groups move lower

TORONTO, May 24 Canada’s main stock index fell
on Wednesday, weighed down by an earnings miss from Bank of
Montreal and as investors assessed the latest monetary
policy clues from the country’s central bank.

Bank of Montreal fell 2.6 percent to C$92.66 after reporting
profits which were slightly below expectations, hit by a decline
in income in the United States.

BMO was the first of Canada’s big banks to report quarterly
earnings, with Royal Bank of Canada, Canadian Imperial
Bank of Commerce and Toronto-Dominion Bank all
due to report on Thursday.

The broader financials sector fell 0.6 percent.

Home Capital Group Inc, Canada’s biggest non-bank
lender, lost 1.5 percent to C$9.10 after saying late on Tuesday
that said it had drawn down an additional C$250 million from a
high interest credit line.

At 10:06 a.m. ET (1406 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index was down 46.72 points, or 0.3
percent, at 15,430.22.

Half of the index’s 10 main groups were in negative
territory. There were three declining issues for every two
advancers.

The Bank of Canada held interest rates steady on Wednesday,
as expected, saying that while economic growth is likely to
moderate in the second quarter, government measures to rein in
the housing market have not yet had a substantial cooling
effect.

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Investors are also looking for clues to U.S. monetary policy
with the scheduled release this afternoon of minutes from the
last Federal Reserve policy meeting.
(Reporting by Alastair Sharp Editing by W Simon)

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