Stocks in Toronto traded in the red this morning, led by sharp decline in the energy sector while shares of BMO Financial Group took a hit after posting a decline in profit.
The TSX was off 102.05 points, or 0.514% at 19,734.07.
BMO Financial Group reported third-quarter net income of $1.37 billion, down from $2.28 billion in the same quarter a year earlier, as it took a $945-million charge related to its acquisition of Bank of the West. The bank said Tuesday its profit amounted to $1.95 for the quarter ended July 31, down from a profit of $3.41 per diluted share a year ago.
BMO shares are trading down $2.16 at $125.61.
The Canadian dollar edged up 0.011 cents to 76.79 cents U.S.
ON BAYSTREET
The TSX Venture Exchange inched lower by 0.06 points, or 0.009%, to 643.27.
Seven of the 12 TSX subgroups were higher, with Consumer Discretionary issues up 0.74%, Tech stocks ahead 0.43% and Consumer Staples up 0.38%.
On the downside, Energy stocks shed 2.71%, Material issues dipped 0.83% and Health-care stocks were off by 0.77%.
ON WALLSTREET
Stocks in the U.S were trading higher this morning, bouncing back from yesterdays losses.
The Dow Jones Industrial Average advanced 68 points, or 0.2%. The S&P 500 gained 0.2% and the Nasdaq Composite has ahead 0.4%.
In earnings news, Baidu (BIDU) fell 3% after the Chinese internet giant posted earnings and revenue ahead of Wall Street’s expectations. The company notched earnings of $2.36 a share on revenue of $4.4 billion in the three months to the end of June, firmly outpacing analysts’ estimates of a profit of $1.54 a share on $4.3 billion in revenue.
Best Buy (BBY) shares jumped 6% after the tech-focused retailer posted better-than-expected second quarter earnings.
Brent crude contracts were off $3.52 per barrel to $101.35.
October gold futures were last down $6.40 at $1,733.80.
The benchmark 2-year Treasury note yields were steady at 3.442%.
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