Tuesday, October 21st8.8°C
23836
22916

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

23658


Recent Trending




Today's Market
S&P TSX14337.77+110.09
S&P CDNX811.351.22
DJIA16399.6719.26
Nasdaq4316.075+57.637
S&P 5001904.01+17.25
CDN Dollar0.8889+0.003
Gold1248.10+3.40
Oil81.92+0.54
Lumber330.40-0.50
Natural Gas3.672+0.002

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.12+0.01
Cantex0.055-0.025
Anavex Life Sciences0.191+0.001
Metalex Ventures0.050.00
Russel Metals32.28-0.07
Copper Mountain Mining1.99+0.05
Colorado Resources0.15+0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.450.00

 



22980

FEATURED Property
1973160GREAT PRICE AND PROPERTY
$249,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23803

23803


Member of BC Press Council


22496