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By Ragini Mathur and Fergal Smith
TORONTO (Reuters) - Canada's main stock index fell on Thursday to a near six-week low as escalating global trade tensions fueled risk-aversion and despite stronger-than-expected earnings from three of Canada's big-five banks.
The S&P/TSX composite index ended down 200.12 points, or 0.8%, at 25,128.24, wiping out its gains over the previous three days and posting its lowest closing level since January 17.
For the month, the TSX was headed for a decline of 1.6%.
"Markets are going to be in very uncertain territory for some time here," said Michael Sprung, president at Sprung Investment Management.
"The main thing causing confusion is the worry over tariffs, particularly with respect to Canada and Mexico, but now also with the threatened tariffs on the European Union as well."
U.S. President Donald Trump said that his proposed 25% tariffs on Mexican and Canadian goods will go into effect on March 4 and threatened an extra 10% duty on Chinese imports because deadly drugs are still pouring into the U.S. from those countries.
On Wednesday, Trump floated a 25% "reciprocal" tariff on European cars and other goods.
The materials group, which includes fertilizer companies and metal mining shares, lost 2.1% as a stronger U.S. dollar weighed on gold prices.
Royal Bank of Canada, TD Bank and Canadian Imperial Bank of Commerce reported quarterly profit that beat analyst expectations. Shares of heavily weighted RBC fell 3.6%, TD was up 0.7% and CIBC ended 0.4% lower.
The financials sector fell 0.7% and technology ended 1.2% lower.
Energy was the only one of ten major sectors to end higher, adding 0.1%, as the price of oil settled up 2.5% at $70.35 a barrel on supply concerns.
Shares of Veren Inc rose 9.4% after the oil producer reported better-than-expected quarterly results.
Superior Plus shares ended 11.5% higher. The utilities provider exceeded quarterly revenue estimates.
(Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Shreya Biswas and Daniel Wallis)
