TSX pushes higher

Photo: Contributed

The Toronto stock market pushed higher on Wednesday as the financial sector got a boost from the first round of Canadian bank earnings.

The S&P/TSX composite index rose 41.28 points to 15,092.09 near midday.

Shares of National Bank (TSX:NA) were ahead after it reported that its second-quarter profit rose nearly 12 per cent to $404 million. The bank also boosted its quarterly dividend to 52 cents per share.

Bank of Montreal (TSX:BMO) also raised its dividend and beat expectations, but its shares didn't fare as well, falling after it posted a decline of seven per cent in net income to about $1 billion.

On Wall Street, the Dow Jones industrial average was up 111.24 points at 18,152.78, while the Nasdaq lifted 47.12 points to 5,079.88 and the S&P 500 rose 14.65 points to 2,118.85.

And the loonie gave back 0.37 of a U.S. cent to 80.10 cents, after the Bank of Canada announced it is keeping its key interest rate locked at 0.75 per cent.

Key commodities remained under pressure as oil moved further away from the $60 mark. The July contract fell back another nine cents to US$57.94 on the New York Mercantile Exchange.

June gold slid 70 cents to $1,186.20 an ounce.

Overseas, the possibility Greece could miss a payment to its creditors added pressure to stock markets. Talks to prevent Greece from missing an IMF payment resumed Tuesday, but it was still uncertain whether the country could reach an agreement before the June 5 deadline.