A slew of dismal corporate earnings reports sent the Toronto Stock Exchange down nearly 150 points on Thursday, weighed down by sharp drops among bank stocks and energy companies.

The S&P/TSX composite index tumbled 143.47 points, or 1.6%, to close at 8,762.76.

The financials group tumbled 4.3%, reversing Wednesday’s 4% gain.

Bank of Nova Scotia shares fell $1.32, or 4.2%, to $29.85 and Royal Bank of Canada dropped $1.36, or 4.3%, to $30.31.

Toronto-Dominion Bank saw its stock fall 5.7% to $39.95.

Also down sharply was Sun Life Financial Corp., down 5.5% to $25.54 and Manulife Financial Corp., down 6.1% to $20.57.

The energy group retreated by 2.6% as oil dipped lower. Crude for March delivery fell 72 cents, or 1.7%, to end at US$41.44 a barrel on the New York Mercantile Exchange.

Petro-Canada shares tumbled $1.14, or 4%, to $27.56 after the company reported a $691-million net loss for the fourth quarter, reversing year-earlier profits of $522 million.

Canadian Oil Sands Trust reported fourth-quarter profits of $124 million, down from $515 million in the same period last year. The trust saw its shares gain 6.3% to $18.50 in Thursday’s trading.

Suncor Energy Inc. shares slid 4.1% to $24.07 and Canadian Natural Resources Ltd. shares were off 3.6% to $44.24.

Materials were a bright spot on the TSX, advancing 3.7% as gold futures finished higher. Gold for February delivery ended up US$16.90, or 1.9%, at US$905.10 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index soared 6.3%.

Shares of Barrick Gold Corp. surged 7.2% to $47.14 and Goldcorp Inc. was up a hefty 6.9% to $36.11.

Yamana Gold Inc. advanced 6.9% to $9.83.

Nova Chemicals Corp. shares tumbled 16.9% to $3.73 after the company reported a fourth-quarter loss of US$214 million, down from a year earlier profit of $126 million.

Shares of Quadra Mining Ltd. advanced 2% after the company announced changes to its operating plan at the Robinson mine in Ely, Nevada to boost copper production and save costs. Quadra shares closed at $3.10.

TransAlta Corp. saw its shares rise 1.1% to $22.94 as it reported fourth-quarter earnings of $94 million, down from $130 million a year earlier, and increased its quarterly dividend by two cents, to $0.29.

Junior companies saw their stocks advance in Toronto, sending the S&P/TSX Venture composite index up 10.62 points, or 1.2%, to end at 880.54.

The loonie descended by half a cent to close at US81.75¢.

South of the border, similarly dismal corporate earnings reports put downward pressure on stock markets.

The Dow Jones industrial average fell 226.44 points, or 2.7%, to end at 8,149.01.

The S&P 500 index declined 28.95 points, or 3.3%, to finish at 845.14.

The Nasdaq composite index shed 50.5 points, or 3.2%, to close at 1,507.84.

IE