Early Signals Positive For Canadian Stocks Amid Easing Of Fears About Big Banks — Canadian Commentary

(RTTNews) - Canadian stocks will look to build on their impressive gains from the previous session Thursday morning, and early signals were somewhat positive as traders mulled another round of earnings results from the financial sector.

Toronto’s main index rose sharply on Wednesday, supported by surprising strength among the financials and another solid day for rebounding energy shares.

The S&P/TSX Composite Index jumped 231.58 points to 13,530.65, led by financials after CIBC’s (CM.TO) quarterly results were less dismal than some had feared.

Thursday morning, TD Bank (TD.TO) announced a third quarter net income of C$997 million or C$1.21 per share compared to C$852 million or C$1.51 per share last year. On adjusted basis, the company posted net income of C$1.115 billion or C$1.35 per share, compared to C$973 million or C$1.60 per share a year ago.

Traders may take note that TD raised its dividend 3 percent to $0.61 cents, signaling that the bank is hopeful about the outlook for a recovery in the credit markets.

Meanwhile, Royal Bank (RY.TO) reported that its third quarter profit dropped 10 percent, hurt by roughly $500 in writedowns. However, the result was better than forecast.

Royal Bank earned C$1.26 billion, or C$0.92 cents a share, down from a record C$1.4 billion, or C$1.06 a share in the corresponding period last year.

National Bank of Canada (NA.TO)reported third-quarter net income of C$286 million or C$1.73 per share, compared to C$243 million or C$1.48 per share in the same quarter last year.

Excluding items, net income for the quarter was C$253 million or $1.52, compared to C$243 million or C$1.49 per share in the year ago quarter.

Energy stocks may extend their gains from the previous session after the price of oil rose toward $120 a barrel on concerns about supply interruptions as Tropical Storm Gustav bears down on the Gulf of Mexico.

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