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    RY   CA7800871021

ROYAL BANK OF CANADA

(RY)
  Report
Delayed Toronto Stock Exchange  -  04:26:26 2023-02-08 pm EST
139.55 CAD   +0.67%
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TSX gains as commodity prices rise; Scotiabank slips

11/29/2022 | 05:03pm EST

(Adds details throughout; updates prices to close)

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TSX ends up 56.92 points, or 0.3%, at 20,277.41

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Energy rises 1.5%; oil settles 1.2% higher

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Materials sector gains 3%

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Scotiabank ends 2.5% lower

TORONTO, Nov 29 (Reuters) - Canada's main stock index rose on Tuesday as higher commodity prices bolstered resource shares although gains were kept in check by a decline in Bank of Nova Scotia shares after the company reported quarterly results.

The Toronto Stock Exchange's S&P/TSX composite index ended up 56.92 points, or 0.3%, at 20,277.41, moving closer to the five-month high it notched on Friday at 20,383.77.

Scotiabank reported a lower fourth-quarter profit and said it expects earnings next year to take a further hit as the economic downturn offsets gains from higher interest rates. Its shares ended 2.5% lower.

"If I was the CEO of a Canadian bank right now, I would look at my stock price and earnings that have held up well, and would seek to use this opportunity to protect the balance sheet just in case things worsen," said Barry Schwartz, portfolio manager at Baskin Financial Services.

Canada's economy performed much better than expected in the third quarter, but an early indication that growth stalled in the fourth quarter could prompt the Bank of Canada next week to slow its campaign to hike interest rates.

The TSX will rally in the coming year and move to a record high in 2024 as inflation pressures ease and provided an anticipated slowdown in the domestic economy is not too deep, a Reuters poll found.

The energy sector rose 1.5% as the price of oil settled 1.2% higher at $78.20 a barrel on hopes for a relaxation of China's strict COVID-19 controls.

The materials group, which includes precious and base metals miners and fertilizer companies, added 3% as gold and copper prices rose.

HSBC agreed to sell its business in Canada to Royal Bank of Canada for C$13.5 billion ($10 billion) in cash. RBC's shares ended up 0.4%. (Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Richard Chang)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 0.19% 85.12 Delayed Quote.-5.34%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.08% 0.74428 Delayed Quote.0.73%
ROYAL BANK OF CANADA 0.67% 139.55 Delayed Quote.9.62%
S&P/TSX COMPOSITE INDEX -0.22% 20679.54 Delayed Quote.6.42%
THE BANK OF NOVA SCOTIA -0.72% 73.22 Delayed Quote.10.37%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.09% 1.3434 Delayed Quote.-0.71%
WTI 0.05% 78.639 Delayed Quote.-7.49%
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Analyst Recommendations on ROYAL BANK OF CANADA
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Financials
Sales 2023 53 729 M 39 984 M 39 984 M
Net income 2023 15 836 M 11 785 M 11 785 M
Net Debt 2023 - - -
P/E ratio 2023 12,3x
Yield 2023 3,86%
Capitalization 193 B 144 B 144 B
Capi. / Sales 2023 3,59x
Capi. / Sales 2024 3,30x
Nbr of Employees 91 427
Free-Float 0,91%
Chart ROYAL BANK OF CANADA
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Royal Bank of Canada Technical Analysis Chart | MarketScreener
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Technical analysis trends ROYAL BANK OF CANADA
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 139,55 CAD
Average target price 143,46 CAD
Spread / Average Target 2,80%
EPS Revisions
Managers and Directors
David Ian McKay President, Chief Executive Officer & Director
Nadine Ahn Chief Financial Officer
Kathleen Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Foteini Agrafioti Chief Science Officer
Sector and Competitors