*
TSX ends down 0.4% at 23,259.96
*
BMO shares slide fall 6.5% after earnings miss
*
Energy loses 2%; oil settles 2.4% lower
*
Real estate rises 1%, hitting an 18-month high
(Updates at market close)
By Nikhil Sharma and Fergal Smith
Aug 27 (Reuters) - Canada's main stock index ended lower
on Tuesday, pulling back from a record high, as a drop in oil
prices weighed on the energy sector and investors weighed
prospects for bank earnings after mixed results from some of
Canada's major lenders.
The Toronto Stock Exchange's S&P/TSX composite index
ended down 89.01 points, or 0.4%, at 23,259.96, after
posting a record closing high on Monday.
"There's more likely downside pressure for bank earnings
moving forward with a slowing Canadian economy as consumers seem
to be tapped out at this moment," said Macan Nia, co-chief
investment strategist at Manulife Investment Management.
Canadian gross domestic data, due on Friday, is expected to
show the economy growing in the second quarter at an annualized
rate of 1.6%, which is below the roughly 2.4% rate that Canada's
central bank estimates for potential growth.
Bank of Montreal ( BERZ ) shares fell 6.5% after the lender
reported lower-than-expected profit, warning it would need to
continue to set aside money for loans that are unlikely to be
repaid.
Shares of Bank of Nova Scotia ( BNS ) fared better, rising
2.5%, after the bank beat analysts' profit estimates.
The energy sector was down 2% as the price of oil
settled 2.4% lower at $75.53 a barrel on worries that slower
economic growth in the U.S. and China could reduce demand for
energy.
The materials group, which includes metal miners and
fertilizer companies, also ended lower, falling 0.7%.
Real estate was a standout. The sector, which could
particularly benefit from recent declines in borrowing costs,
rose 1% to trade at its highest level since February 2023.