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TSX in the Red; RBC, National Bank, Enbridge Hike Dividends

Published 2022-11-30, 11:24 a/m
Updated 2022-11-30, 11:26 a/m
© Reuters.

© Reuters.

By Ketki Saxena 

Investing.com -- The Canadian index traded in the red this morning, tracking the Dow and S&P500 lower (although the Nasdaq remained positive with a boost from Tesla (NASDAQ:TSLA)). 

Investor sentiment remained cautious ahead of comments from Federal Reserve Chair Jerome Powell at 1:30 p.m. ET. Investors will be parsing the remarks for signals about the pace and size of further rate hikes by the Fed. 

The commodity heavy Canadian index gained some support from oil prices, which rose on optimism over Chinese demand recovery following an easing of lockdowns, and falling US crude stockpiles. Financials meanwhile weighed on the TSX following profit misses from two of the country’s biggest banks. 

The Biggest Stories on Bay Street 

Royal Bank of Canada (TSX:RY) reported a fourth-quarter profit of $3.88 billion compared with $3.89 billion in the same quarter last year. Profit amounted to $2.74 per diluted share for the quarter ended Oct. 31, up from $2.68 per diluted share compared to this time last year. Revenue totalled $12.57 billion, up from $12.38 billion a year earlier. The bank also increased its quarterly dividend by 4 cents to $1.32 per share.

National Bank reported Q4 earnings of $738 million or $2.08 per diluted share, down from $769 million or $2.17 per diluted share in the same quarter last year. Revenue totalled $2.33 billion, up from $2.21 billion in Q4 last year. The bank also raised its quarterly dividend by 5 cents to 97 cents per share.

Banks aren’t the only major companies hiking dividends today. Enbridge (TSX:ENB) also raised its quarterly dividend to share holders from 86 cents per share  88.75 cents per share. Enbridge also reaffirmed its full-year guidance for EBIDTA towards the top half of its $15.0 billion to $15.6 billion range for 2022.

Canadian Stocks Moving Markets This Morning 

Top Gainers:

  • Spartan DeltaCorp 
  • Bausch Health (TSX:BHC)
  • NexGen Energy

Top Losers: 

  • Methanex 
  • National Bank 
  • Nutrien (TSX:NTR)

In Canadian Economics 

No major Canadian economic data expected today

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