By Adriano Marchese
Toronto stocks edged higher midday Thursday, with most sectors helping to push up the S&P/TSX Composite Index by 89.78 points. The materials sector was the biggest gainer, followed by tech and health tech, while retail trade, distribution services and energy were the only laggards.
Canada's S&P/TSX Composite Index rose 0.41% higher at 20536.42 and the blue-chip S&P/TSX 60 was 0.25% higher at 1242.95.
Meanwhile, fourth-quarter earning reports were mixed from Canadian banks including Canadian Imperial Bank of Commerce, Bank of Montreal and Toronto-Dominion Bank.
Toronto-Dominion shares rose 1.7% to C$91.05 after reporting net income of 6.67 billion Canadian dollars ($4.97 billion), or C$3.62 a share, compared with C$3.78 billion, or C$2.04 a share a year ago. Adjusted earnings rose to C$2.18 a share from C$2.09 a share, beating analyst expectations for a decline to C$2.05 a share, according to FactSet.
Other market movers:
Bank of Montreal reported a rise in fiscal 2022 fourth-quarter profit to C$4.48 billion from C$2.16 billion, benefiting from acquisition-related effects, while falling more than analysts expected on an adjusted basis. Shares were down 0.6% at C$130.57.
Canadian Imperial Bank of Commerce shares fell 5.7% to C$61.11 after posting lower income of C$1.19 billion, down from C$1.44 billion, and missing analyst expectations for growth in the fiscal fourth quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
12-01-22 1227ET
