CANADA STOCKS-TSX retreat amid mixed bank earnings

Canadian shares hit a near-two month low on Thursday, as the losses in the country’s top lenders overshadowed the gains in tech stocks.

The Toronto Stock Exchange’s S&P/TSX composite index was down 99.28 points, or 0.5%, at 19,828.41. Royal Bank of Canada slid 2.0% on a quarterly earnings decline, while Toronto-Dominion Bank was down 3.1%.

Canadian Imperial Bank of Commerce rose 2.0%, touching a one-month high after beating earnings per share expectations. Banks retreated 1.1%, with the broader financials sector sub-index.SPTTFS shedding 0.7%.

Canadian equities have witnessed sharp selloffs over the past sessions as mixed earnings from the country’s top lenders weighed on investor sentiment. An unexpected bounce in inflation and worries over bleak commodities outlook also kept investors away from riskier assets.

Pembina Pipeline Corp surged 0.5% and Centerra Gold CG.TO rose 0.1%, after brokerages turned bullish on the stocks.