Sunday, August 2nd15.6°C
27107
26758

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 TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7640-0.0052
Gold1096.90+0.60
Oil47.22-1.69
Lumber252.30+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
20082451040 CAWSTON AVE
4 bedrooms 3 baths
$439,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





26376


Member of BC Press Council


26010