TSX falls due to healthcare and tech stocks, TD Bank’s profit disappoints.

By Siddarth S

(Reuters) -Toronto stocks⁣ inched lower in choppy trading on Thursday as healthcare and ​technology stocks led the declines, while the Canada’s second largest bank Toronto-Dominion fell after it missed profit estimates ‌on bigger credit-loss provisions.

At 10:26 a.m. ET​ (1426 GMT), the Toronto Stock Exchange’s S&P/TSX composite‌ index was down 25.99 points, ⁤or 0.13%, at 19,853.8.

Healthcare fell ‍2.1%, leading sectoral declines, ‌while technology slipped 1.3%.

Heavy-weight financials⁢ sector gained 0.2% as shares of ​Royal Bank of Canada (RBC) ⁤rose 1.5% ‌after the ‌country’s largest bank reported ‍better-than-expected quarterly ‌profit.

However, limiting gains among financials, Toronto-Dominion Bank shares fell 1.9%, after ⁣the company missed estimates for quarterly profit, hurt by higher expenses ​and rainy day funds to cover for unpaid loans. ​

TD Bank was⁤ among the ‍worst performers on the benchmark index.

Earnings of the big six Canada banks have started on a mixed note, with Bank of Nova⁣ Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada set⁢ to report‍ quarterly results‌ next week.

“It’s (banks) cautionary(on loan​ loss ‍provisions),” said Thomas Caldwell, chairman at Caldwell Securities Ltd.

“Canadian banks really ⁤have very robust loan ‌loss provisions that should accommodate what we would perceive or consider to⁣ be a​ normal​ slowdown. I don’t see that as particularly challenging.”

Among individual companies, communications firm⁢ BCE Inc rose 1.4%, after⁤ brokerage​ National Bank ⁢of Canada ⁢upgraded the stock.

Data showed Canadian factory sales most‌ likely rose‌ 0.7% in July from June due in parts to increases in the petroleum and coal product, food, and primary metal subsectors.

(Reporting by​ Siddarth S in‌ Bengaluru, Editing by Tasim Zahid⁤ and Shweta Agarwal)

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