Thursday, October 30th8.3°C
23696
23088

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

22970


Recent Trending




Today's Market
S&P TSX14491.07-36.50
S&P CDNX770.28-10.79
DJIA17151.27176.96
Nasdaq4565.626+16.40
S&P 5001992.76+10.46
CDN Dollar0.8936-0.0005
Gold1200.70-24.2001
Oil81.01-0.95
Lumber321.80+0.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.115+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.12-0.03
Cantex0.045-0.015
Anavex Life Sciences0.175-0.005
Metalex Ventures0.03-0.005
Russel Metals32.30-0.27
Copper Mountain Mining1.98-0.04
Colorado Resources0.13-0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.355-0.015

 



22970

FEATURED Property
212018511 3512 Ridge BLVD
3 bedrooms 3 baths
$399,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23691