Business

The Toronto stock market was little changed Tuesday but the financial sector supplied some lift after Bank of Montreal (TSX:BMO) and Scotiabank (TSX:BNS) released quarterly earnings that beat expectations.

The S&P/TSX composite index gained 15.45 points to 12,064.27, with strength also coming from miners, while the TSX Venture Exchange dipped 2.25 points to 1,244.57.

BMO shares ran ahead 59 cents to $58.29 as the bank posted net income of $970 million or $1.42 per share, up 37 per cent from a year ago. On an adjusted basis, the bank's earnings were $1.49 per share, beating analyst expectations by 10 cents. BMO also increased its dividend by two cents to 72 cents a share.

But Scotiabank's shares lost early momentum to move down 14 cents to $52.80 as its quarterly net profits grew by 57 per cent to $2.05 billion or $1.69 a share, while the bank's core EPS was $1.22 per share, three cents better than expectations. The bank also said it is raising its quarterly dividend by two cents to 57 cents per share.

The Scotiabank results were helped by an after-tax gain of $614 million from the sale of its headquarters in Toronto's financial district.

The Canadian dollar rose 0.51 of a cent to 101.44 cents US.

New York indexes were also little changed as a drop in consumer confidence competed with positive news from the housing sector.