(Adds portfolio manager comment, updates prices to close)
* TSX ends down 64.27 points, or 0.42 percent, at 15,399.24
* Eight of the TSX's 10 main groups move lower
* Index slips 0.1 percent in February, after hitting record
By Alastair Sharp
TORONTO, Feb 28 Canada's benchmark stock index
fell on Tuesday, its fifth straight losing session, as Bank of
Nova Scotia led losses in the heavyweight financial
banking sector after reporting quarterly earnings in line with
Scotiabank shares fell 2.8 percent to C$77.04, while rival
Bank of Montreal rose 2.2 percent to C$100.79 after its
numbers smashed past analyst estimates and it announced a major
share buyback plan.
The financials group, which accounts for 35 percent of the
index's weight, fell 0.7 percent overall.
"The short of it is, the banks have done really well,
they're now delivering on the earnings ... now how do you follow
that when you're already trading at a historical premium
valuation?" said Luciano Orengo, a portfolio manager at Manulife
The Toronto Stock Exchange's S&P/TSX composite index
settled down 64.27 points, or 0.42 percent, at
It slipped 0.1 percent in February, after hitting a record
Valeant Pharmaceuticals International Inc slumped
13.9 percent to C$18.89 after saying that 2017 would be another
year of transition with revenue falling as much as 8 percent
amid drug price pressure and fewer prescriptions.
"If you're buying Valeant at these levels, you're expecting
some sort of upside and that was not delivered," Orengo said.
Gold miners lost some of their early luster in afternoon
trade along with bullion prices ahead of U.S. President Donald
Trump's policy speech to a joint session of Congress at 9 p.m.
EST (0200 GMT Wednesday).
Gold royalty and stream company Franco-Nevada Corp
rose 1.9 percent to C$85.61 and Tahoe Resources Inc
advanced 5.7 percent to C$11.26.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 0.3 percent.
Utilities eked out a 0.1 percent gain, while the other eight
of 10 main groups ended in negative territory.
The energy group retreated 0.3 percent, as oil prices dipped
within a tight recent range as increasing crude production from
the United States offset OPEC-led output cuts.
Pipeline company Enbridge Inc fell 0.8 percent to
C$55.90 and Cenovus Energy Inc lost 2.2 percent to
TransCanada Corp bucked the trend, with the
pipeline company adding 0.9 percent to C$61.06 after agreeing on
Monday to sell two U.S. pipelines to fund other projects.
Canadian producer prices rose for the fifth month in a row
in January, increasing 0.4 percent from December on higher
prices for energy and petroleum products, Statistics Canada
(Reporting by Alastair Sharp; Editing by Meredith Mazzilli and