Friday, November 28th-1.3°C
24124
24056

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 TSX14783.87-138.57
S&P CDNX739.50-15.90
DJIA17828.240.49
Nasdaq4791.63+4.312
S&P 5002067.56-5.27
CDN Dollar0.8747-0.007
Gold1175.20-21.40
Oil66.15-7.54
Lumber329.40+1.40
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.15-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.30-0.04
Cantex0.04-0.005
Anavex Life Sciences0.1998+0.0288
Metalex Ventures0.045+0.005
Russel Metals29.99-0.71
Copper Mountain Mining1.94-0.18
Colorado Resources0.115-0.015
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.05+0.005
Mission Ready Services0.30-0.02

 
23744




FEATURED Property
21306151329 Mountainview Street
4 bedrooms 2 baths
$379,900
more details
Click here to feature your property
Please wait... loading


Don't stop dreaming!

On Wednesday evening I drove through the Bow Valley in Alberta. It is my old home town... the first place Jackie and I moved to in 1988 when we emigrated. We ended up setting up home there and living...


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...

_



24119

24231


Member of BC Press Council


23646