Update: TSX Recovers from Early Losses, Posts 30-Point Gain, Boosted by Stronger Gold Prices
Canada’s main stock market finished higher on Tuesday, paring losses through the day in tandem with Wall Street. The S&P/TSX Composite Index gained 30 points or 0.2% to close at 15,082. The index opened at 14,991 and hit an intraday low of 14,934, before recovering as the session progressed.
The materials sector led gainers, rising nearly 1%, as gold hit its highest level in nearly a year. Energy was also stronger even as oil prices declined on expectations that tropical storm Harvey will affect U.S. crude supplies. Financials were the weakest sector, falling 0.2% despite earnings beats from Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO). Quarterly reports from Royal Bank (RY.TO) and CIBC (CM.TO) last week also came in ahead of expectations. Montreal-based National Bank (NA.TO) reports its third-quarter results on Wednesday and Toronto-Dominion Bank (TD.TO) reports on Thursday.
In stock news, Bank of Nova Scotia (BNS.TO) was up 0.2% after posting a three-cent dividend increase as its third-quarter profit climbed. Bank of Montreal (BMO.TO) shed 2.5% after its quarterly profit climbed just slightly to $1.39 billion or $2.05 a share, compared to $1.37 billion or $2.03 a year earlier. Laurentian Bank (LB.TO) rose 2% after reporting adjusted core earnings per share of $1.63, well above consensus of $1.50. Agrium (AGU.TO) was up 1% after expanding its agriculture retail business in the United States with the acquisition of Southern Farms Cooperative, which has 1,200 retail outlets in 23 states. Home Capital Group (HCG.TO) climbed 1.5% after the alternative mortgage lender hired a new chief financial officer.
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