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TSX flat as key data awaited; Scotiabank beat, BMO earnings miss

Published 28/02/2024, 05:22 am
© Reuters.

Investing.com — Canada’s main stock index, the S&P/TSX Composite index traded flat by mid-afternoon on Tuesday, as market sentiment remains cautious ahead of key economic data this week in both the U.S. and Canada.

Wall Street meanwhile traded on a mixed note, as traders await the release of the PCE price index, the Fed’s preferred measure of inflation, on Thursday. Thursday will also see the release of Canadian GDP data.

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Toronto Stock Market News

​​Bank of Nova Scotia reported stronger-than-expected first-quarter earnings, boosted by its Canadian and international banking operations, even as provisions for credit losses rose. Scotiabank (TSX:BNS) recorded an income of $2.17 billion, or $1.68 a share, versus $1.72 billion, or $1.35, a year earlier. On an adjusted basis earnings were $1.69 a share, beating estimates for $1.61 forecast by analysts. Revenue for the three-month period totalled $8.43 billion, up from $7.96 billion in its first quarter last year.

Bank of Montreal (TSX:BMO) reported disappointing first-quarter results today, with its commercial banking in North America, capital markets, and corporate services under pressure from what chief executive Darryl White characterized as “constrained revenue growth in market-sensitive businesses.” The bank's net income totalled $1.29 billion, up from $133 million a year earlier. On an adjusted basis, profit of $2.56 per share, well below the $3.02 per share analysts had expected, and down from $3.06 per share a year ago. Overall revenue totalled $7.67 billion for the quarter, up from $5.10 billion. On an adjusted basis.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

Top Losers on the TSX Today:

  • Africa Oil Corp (TSX:AOI).
  • Oceana Gold (TSX:OGC)
  • Bank of Montreal (TSX:BMO)

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

No major Canadian economic data due today.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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