CANADA STOCKS-TSX drops 1.3 percent as TD, energy shares weigh
* TSX down 184.91 points, or 1.25 percent, at 14,569.15
* All 10 main index sectors decline
* Energy shares drop 4.3 percent
By John Tilak
TORONTO, Dec 4 (Reuters) - Canada's main stock index dropped on Thursday as Toronto-Dominion Bank fell after the lender's quarterly results disappointed the market, offsetting a surge in Enbridge Inc after the pipeline company announced restructuring plans and a dividend increase.
Further, shares of energy producers tumbled again, this time after news of Saudi Arabia making deep price cuts for U.S. and Asian buyers sent the price of oil lower.
Enbridge shares shot up 10.5 percent after the company said late on Wednesday it will transfer its Canadian liquids pipelines business and certain renewable energy assets to an affiliate, and raised its quarterly dividend by a third.
TD reported a weaker-than-expected fourth-quarter profit and said it expects a more challenging operating environment in 2015. The stock shed 3 percent to C$55.21.
"The banks are starting to miss on earnings. I'm cautious towards the Canadian banks at the moment," said Colin Cieszynski, chief market strategist at CMC Markets.
"You've got the three pillars, energy, financials and materials, under stress," he added. "The TSX is vulnerable on a tougher outlook for the banks and distress in energy and materials."
The Toronto Stock Exchange's S&P/TSX composite index was down 184.91 points, or 1.25 percent, at 14,569.15. All 10 main sectors on the index were in the red.
Financials, the index's most heavily weighted sector, gave back 1.3 percent. Bank of Nova Scotia lost 1.3 percent to C$68.12.
Shares of energy producers declined 4.3 percent, with Suncor Energy Inc losing 2.6 percent to C$36.40 and Canadian Natural Resources Ltd slipping 2.9 percent to C$37.82.
(Editing by James Dalgleish)
