TORONTO (Reuters) — The Toronto Stock Exchange’s main index closed slightly lower yesterday as worries over bank earnings overshadowed strong energy prices, which lifted oil shares.The S&P/TSX composite index closed down 11.58 points, or 0.1 percent, at 12,530.87. Half of the TSX index’s ten main groups were lower, including financial services issues, which sank one percent on the first day of bank quarterly earnings reports.

Bank of Montreal , Canada’s fourth-largest bank, reported a 5 percent rise in its fourth-quarter income yesterday, but analysts focused on weaker performance in its core banking business and its stock sank C$2.29, or 3.2 percent, to C$69.22.

“That’s why there’s pressure on the index,” said Joe Ismail, technical analyst at Maison Placements Canada. “Once the results come out from each bank each day, (investors) will use that as an excuse just to lighten up and take some cash off the table.”

Gloom spread to other bank heavyweights, which will roll out earnings this week and next. Toronto-Dominion Bank was off 92 Canadian cents, or 1.4 percent, at C$66.55, while Canadian Imperial Bank of Commerce retreated C$2.08, or 2.2 percent, to C$90.40.

“But what you’re seeing is just noise,” Ismail said. “You will tend to carry on the year-end rally, which is supported by the bank stocks, and that will carry on into the first two or three weeks of January.”

As a counterbalance, energy producers bounced back from the day before, taking cues from rising crude and natural gas futures to gain one percent.