Royal Bank of Canada and other finance companies declined on concern they may have to revalue their assets, after Deutsche Bank AG said writedowns for subprime losses at Merrill Lynch & Co., the biggest broker, may rise another $10 billion.
Barrick Gold Corp. and Canadian Oil Sands Trust paced gains among materials and energy shares, as bullion prices broke through $800 an ounce and oil advanced. The Standard & Poor's/TSX Composite Index slipped 8.66, or 0.1 percent, to 14,363.88 in Toronto, as two stocks fell for every one that rose in the benchmark. It gained 0.5 percent for the week.
`We know the banks' balance sheets are worth less than stated. We don't know how much less,'' said Donald Coxe, global portfolio strategist at BMO Financial Group in Chicago. ``With gold going through $800 and oil near $95, many stocks with big index weights are benefiting.''
Brookfield Asset dropped C$3.01, or 7.9 percent, to C$35.04 its steepest decline since Sept. 11, 2001, and the worst performance today in the S&P/TSX.
The Toronto-based manager of more than $75 billion of real estate, power plants and infrastructure assets said third-quarter earnings fell 62 percent and missed analyst estimates as interest costs rose. Brookfield Asset's interest costs jumped 56 percent in the quarter on debt taken on to finance acquisitions, while depreciation and amortization of acquired assets rose 84 percent.
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