Toronto Stocks Flat; Canadian Imperial Bank of Commerce Rises
By Adriano Marchese
Toronto-listed stocks were virtually flat at midday on Thursday.
On the macro front, Canada's economy contracted in the third quarter of the year by 1.1%, due largely to a drop in exports and a further slowdown in inventory buildup by businesses, Statistics Canada reported.
In the session, most sectors were on a downward trend, led by producer manufacturing, consumer durables and process industries. Of the few gainers, communications, commercial services and consumer discretionary stocks stood out.
Canadian bank earnings continued on Thursday, with mixed results in the fiscal fourth quarters of Canadian Imperial Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank.
In midday trading, Canada's S&P/TSX Composite Index inched 0.01% forward, to 20118.99, and the blue-chip S&P/TSX 60 rose by 0.06%, to 1212.71.
Shares of Canadian Imperial Bank of Commerce were 4% higher, at 55.49 Canadian dollars (US$40.83), as it reported a 25% rise in fourth-quarter net profit, and said it has entered the new fiscal year with a robust balance sheet and strong credit quality.
Other market movers:
Royal Bank of Canada's stock rose by 2.4%, to C$121.62 a share, after reporting higher profit and revenue in its fourth fiscal quarter, despite nearly-doubled provisions for credit losses in the period.
Toronto-Dominion Bank shares were down by 1.6%, to C$81.93, after it reported a steep decline in profit and lower revenue due to charges and higher provisions for credit losses in the period.
BRP shares were down by over 13%, to C$82.54, after the company reported lower third-quarter profit and revenue due to softer demand and downgraded its guidance for next year.
MCF Energy shares advanced by 9.1%, to C$0.24, after the company said its project operator has received environmental clearance from an Austrian regulator to develop its natural gas prospect in the country.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 30, 2023 12:17 ET (17:17 GMT)
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