By Ketki Saxena
Investing.com -- At 11:05 a.m in Toronto, the S&P/TSX Composite was at 20,048.84 points, up 0.32% in the day’s trading, tracking Wall Street higher after the week's weak performance so far, and as investors adust rate hikes bets ahead of tomorrow’s U.S. Federal Reserve’s Jackson Hole Symposium.
Friday’s remarks from Fed chair Jerome Powell will be in particular focus. The Central Banker is expected to double down on its commitment to crushing inflation and remain resolutely hawkish on forward guidance.
The commodity-heavy Canadian index also derived support from the morning’s moderate gains in crude, as Saudi Arabia’s suggestion of OPEC cuts overshadowed news of further progress in the Iran Nuclear deal which would have otherwise significantly assuaged supply fears as, subsequent to the signing of the deal and lifting of western Sanctions, Iran will be allowed to contribute its significant production capacities to crude markets.
Crude prices were further lifted by the U.S. weekly inventory figures. The American Petroleum Institute said crude stockpiles falling more than expected, as per the Energy Information Administration.
Today’s Biggest Stories on Bay Street
Royal Bank of Canada (TSX:RY) reported an overall net profit of $3.6 billion, or $2.51 per share, compared with $4.3 billion, or $2.97 per share, a year earlier. On an adjusted basis, RBC said it earned $2.55 per share, below analysts’ consensus estimate of $2.66 per share.
National Bank of Canada (TSX:NA) reported an adjusted profit of $2.35 per diluted share compared with an adjusted profit of $2.36 per diluted share a year ago. Analysts on average had expected an adjusted profit of $2.34 per share.
Bank of Nova Scotia (TSX:BNS) was downgraded by various analysts following yesterday’s earnings call, including from KBW, citing cloudier outlook for international banking; RBC Capital Markets, which cut BNS to sector perform from outperform’ and TD (TSX:TD) Securities, which moderately lowered the price target on Bank of Nova Scotia (TSX:BNS) while maintaining a Hold rating.
Rio Tinto (LON:RIO) raised its offer to buy about 49% of Canadian miner Turquoise Hill Resources (TSX:TRQ) it does not already own to $3.1 billion on Wednesday and said minority shareholders will receive $40 per share
Canadian Stocks Moving Markets This Morning
Top Gainers
- Turquoise Hill Resources Ltd. (TSX:TRQ) (25.34%)
- Energy Fuels Inc (TSX:EFR) (+17.68%)
- Denison Mines (TSX:DML) (16.90%)
Biggest Losers:
- Royal Bank of Canada (-2.99%)
- Teck Resources (TSX:TECKa) (-1.93%)
- Bank of Nova Scotia (-1.50%)
In Canadian Economics
Statistics Canada said that as per flash estimates for July, wholesale trade likely fell 0.6% in July on weaker auto and parts sales. The final number remains subject to revision.