Thursday, July 24th11.8°C
21452
21739

TSX up on positive business news

The Toronto stock market was higher amid strong earnings reports from TD Bank (TSX:TD), CIBC (TSX:CM) and National Bank (TSX:NA) along with a major announcement from grocer Loblaw Companies Ltd. (TSX: L).

The S&P/TSX composite index added 7.68 points to 12,164.97 as the market failed to find lift from the bank reports.

Loblaw stock soared almost 25 per cent to $41.84 after the company said it wants to unlock shareholder value by creating one of the largest real estate investment trusts in Canada. Units of the REIT are expected to be sold in an initial public offering to be completed in mid-2013, subject to regulatory approvals.

TD Bank's (TSX:TD) quarterly profit amounted to $1.66 per share before adjustments, down two cents per share from the same time last year. On an adjusted basis, TD had $1.83 per share of diluted earnings, up from $1.75 per share a year earlier and two cents a share above a consensus estimate. Its shares dropped 89 cents to $81.69.

TD also announced it is buying the U.S.-based Epoch investment management business for US$668 million in cash.

CIBC (TSX:CM) shares dipped two cents to $80.50 as the bank had $852 million or $2.02 of net income in the fourth quarter, an increase of nearly $100 million from the same time last year. On an adjusted basis, CIBC's fourth-quarter profit amounted to $2.04 per share, six cents above estimates.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15412.03+17.65
S&P CDNX1010.06-2.17
DJIA17103.9417.31
Nasdaq4480.186+6.489
S&P 5001990.13+3.12
CDN Dollar0.9311-0.0013
Gold1297.50-7.00
Oil104.30-0.29
Lumber325.50-7.90
Natural Gas3.841+0.079

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.16+0.01
Cantex0.08+0.02
Anavex Life Sciences0.287-0.038
Metalex Ventures0.075+0.005
Russel Metals35.74+0.09
Copper Mountain Mining2.815+0.055
Colorado Resources0.21-0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 



21411

FEATURED Property
20172571271 Steele Road
4 bedrooms 4 baths
$469,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22581