By Adriano Marchese
Stocks in Toronto were moderately higher Wednesday mid-trading as investors await the U.S Fed’s Jerome Powell’s address on Friday at Jackson Hole regarding policy. Most Canadian industries were posting gains, led by process industries, materials and producer manufacturing while only energy and retail trade were declining. Shares of Royal Bank of Canada fell in early trading Wednesday after the bank reported poorer performance at its largest segments which led to lower-than-expected results in the third quarter.
At midday, Canada’s S&P/TSX Composite Index rose by 0.33% to 20052.05 and the blue-chip S&P/TSX 60 was up 0.19% to 1210.73.
Royal Bank of Canada shares fell by 2.9% to C$122.84 after it reported a decline in net income to 3.58 billion Canadian dollars (US$2.76 billion), or C$2.51 a share, in the quarter ended July 31, from C$4.3 billion, or C$2.97 a share, a year earlier. The consensus forecast was for earnings of C$2.65 a share.
Other market movers:
Shares of Turquoise Hill Resources Ltd. leaped by more than 25% to C$37.88 after Rio Tinto PLC raised its takeover proposal to buy the company by 18%, bringing its value to $3.1 billion.
National Bank of Canada reported a slight decline in third-quarter profit as loan provisions offset gains in most of its largest business segments. Shares were 0.6% higher at C$92.92.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 24, 2022 12:16 ET (16:16 GMT)
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Read More: Toronto Stocks Inch Up; Royal Bank of Canada Falls as 3Q Misses Expectations