💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadUnlock them all

CANADA STOCKS-TSX rises to 1-week high as bank earnings support financials

Published 2016-08-23, 10:35 a/m
CANADA STOCKS-TSX rises to 1-week high as bank earnings support financials
XAU/USD
-
POT
-
GC
-
CL
-
GSPTSE
-
BMO
-
TRP
-
SU
-

(Adds details on stocks and sectors, updates prices)

* TSX up 34.71 points, or 0.24 percent, to 14,782.90

* Six of the TSX's 10 main groups were higher

TORONTO, Aug 23 (Reuters) - Canada's main stock index rose to a one-week high on Tuesday, led by financial shares after one of the country's major banks reported better-than-expected earnings, while lower oil prices weighed on energy stocks.

Bank of Montreal BMO.TO rose 2.5 percent to C$86.50. Canada's fourth largest bank reported quarterly results which beat analysts' expectations, benefiting from strength in its commercial banking and capital markets businesses. for bank stocks helped drive the financials group 0.9 percent higher, while the materials group, which includes precious and base metals miners and fertilizer companies, added 0.2 percent.

Gains for the materials group were led by a 1.4 percent advance in shares of Potash Corporation of Saskatchewan Inc. POT.TO to C$21.35.

Spot gold XAU= firmed 0.3 percent as markets shifted focus from hawkish comments by a Federal Reserve official at the weekend to a meeting of global central bankers this week, awaiting further guidance on U.S. interest rates. 10:21 a.m. EDT (1421 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 34.71 points, or 0.24 percent, to 14,782.90. It touched its highest since Aug. 15 at 14,796.56.

Six of the index's 10 main groups were higher.

Energy stocks fell 0.5 percent as oil lost ground. U.S. crude CLc1 prices were down 1.4 percent at $46.75 a barrel.

TransCanada Corp TRP.TO declined 0.7 percent to C$61.39, while Suncor Energy Inc SU.TO was down 0.7 percent at C$36.45.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.