Canadian stocks are experiencing a strong upward trend during mid-trading on Tuesday. The majority of sectors are posting gains, with notable increases in tech services, tech, and process industries. However, the health services sector is the only one facing declines.
The country's banks continue to release their third-quarter reports. Bank of Montreal has reported a significant miss in its earnings due to higher provision for credit losses. Bank of Nova Scotia also faced a higher provision for credit losses but only experienced a slight miss in income.
As of midday, Canada's S&P/TSX Composite Index is up by 0.91% at 20,207.41. The blue-chip S&P/TSX 60 is also performing well, with a 0.95% increase at 1,209.75.
Shares of Bank of Montreal have dropped by 0.4% to C$113.63 (US$83.55), but have since recovered from deeper lows earlier in the morning. The bank reported adjusted earnings of C$2.78 per share, falling short of the expected rise to C$3.13 per share. Bank of Montreal's provision for credit losses rose to C$492 million from C$136 million, impacting profits.
Here are some other notable market movers:
Bank of Nova Scotia's shares rose by 1.8% to C$63.96 after reporting a decline in profit in its fiscal third quarter. The decline can be attributed to provisions for credit losses and weaker performance in its core businesses. However, adjusted earnings of C$1.73 per share were in line with expectations of C$1.74 per share.
Hut 8 Mining shares have increased by over 16% to C$3.59 after a proxy advisory firm recommended that shareholders vote in favor of combining with U.S. Data Mining, which is also known as US Bitcoin Corp.
CAE's shares climbed following the announcement of a 10-year pilot-training agreement with Indonesia's Batik Air. The shares are up by 1.9% to C$32.38.
HP Inc. reports mixed financial results for Q3 with revenue decline, adjusted profits matching estimates, and concerns over PC pricing. The company's PC busines...
Amgen surpasses earnings expectations, raises revenue guidance, and highlights pipeline progress and acquisition of Horizon Therapeutics.
Gold futures extended their decline as the U.S. dollar grew stronger, impacting the value of gold. The recent strength of the U.S. dollar and possibility of ano...