By John Kipphoff
Dec. 5 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from yesterday’s close.
The Standard & Poor’s/TSX Composite Index fell 2.9 percent to 8,057.82. The S&P/TSX has dropped 13 percent in four days, poised for its steepest weekly drop since Oct. 10.
National Bank of Canada (NA CN): The country’s sixth- largest bank was rated “neutral” in resumed coverage at Merrill Lynch & Co. National Bank reported a fourth-quarter profit of C$70 million ($55.4 million) yesterday, reversing a loss from a year earlier when it had more writedowns. The shares fell 6 percent to C$35.55 and have dropped 14 percent in four days.
Royal Bank of Canada (RY CN): The nation’s biggest lender reported earnings that fell for a fourth straight quarter, its longest streak in nine years, after setting aside more money for bad loans and posting trading losses.
Profit for the fourth quarter fell 15 percent to C$1.12 billion ($870 million), or 81 cents a share, from C$1.32 billion, or C$1.01, the bank said. The shares fell 4.3 percent to C$36.60 and are down 15 percent this week.
Toronto-Dominion Bank (TD CN): Canada’s second-largest bank will keep its “eyes open” for potential U.S. acquisitions, Chief Financial Officer Colleen Johnston said in a Bloomberg Television interview. The shares fell 1.4 percent to C$41.92.
To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.
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