Equities in Toronto were higher on Wednesday on modest gains in bank shares after Bank of Montreal and National Bank of Canada reported better-than-expected earnings and announced dividend hikes, but the rise was limited by a drop in oil and gas shares.
The S&P/TSX composite index gained 33.11 points to move into noon hour at 15,083.92
The Canadian dollar fell 0.3 cents to 80.13 cents U.S.
The index's financials group gained, with National Bank up 0.9% at $49.78. Bank of Montreal, however, slipped 0.4% to $77.62.
Among the most influential decliners on the index were Crescent Point Energy Corp, which fell 4.3% to $28.32, and Encana Corp, which dropped 1.3% to $15.75.
Crescent Point, Canada's number-four independent oil and gas producer, dropped a day after it said it will buy Legacy Oil + Gas Inc for shares and debt worth $1.53 billion
The Bank of Canada today is maintaining its target for the overnight rate at 0.75%, and the bank rate is correspondingly 1% and the deposit rate is 0.5%
ON BAYSTREET
The TSX Venture Exchange fell 1.73 points to 690.23
Nine of the 14 Toronto subgroups were higher midday, led by metals and mining, up 1.1%, industrials, ahead 1%, and consumer discretionary stocks, picking up 0.8%.
The five laggards were weighed mostly by energy stocks, giving up 0.8%, health-care, 0.5% to the bad, and information technology, clicking 0.4% lower.
ON WALLSTREET
U.S. stocks traded higher on Wednesday, recovering some of Tuesday's sharp decline, as investors eyed Greece headlines amid continued rise in the dollar and bond yields.
The Dow Jones Industrials leaped 112.17 points by lunch time to 18.153.71, with Microsoft leading gains and Exxon Mobil the greatest laggard.
The S&P 500 index picked up 15.23 points to 2,119.43, with information technology leading nine sectors higher and energy the only decliner.
The NASDAQ bolted higher 47.37 points to 5,080.13
Tiffany earned 81 cents U.S. per share for its latest quarter, 11 cents above estimates, and revenue was also well above forecasts despite the negative effects of a strong dollar. The results follow a downbeat forecast given by Tiffany earlier this year.
Michael Kors fell one cent shy of estimates with quarterly profit of 90 cents U.S. per share, with revenue essentially in line. The company, however, reported its slowest sales growth in three-and-a-half years, and its full-year forecast, however, is below Street estimates.
Toll Brothers earned 37 cents U.S. per share for its latest quarter, two cents above estimates. The luxury home builder did see revenue come in below estimates as the number of homes sold fell two percent.
DSW reported quarterly profit of 53 cents U.S. per share, six cents above estimates, and revenue also was above analyst forecasts. The company's results were led by a jump in athletic footwear sales, though it did see growth in all its major categories.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.17% from Tuesday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices dropped three cents a barrel to $58.00 U.S.
Gold prices dipped 50 cents to $1,187.30 U.S. an ounce.
