TORONTO, April 12 (Reuters) – Canada’s main stock index fell
more than 1 percent on Friday, as weak U.S. economic data dulled
hopes for the Canada’s export sector, while a sharp drop in gold
prices pulled mining stocks to multi-year lows.
The mining-heavy TSX materials sector dropped 4.21 percent
to its lowest level since 2009, fueled by a 4 percent drop in
gold prices and sliding copper, while weak oil prices yanked
energy stocks down by 1.95 percent.
TORONTO, April 9 (Reuters) – Bank of Nova Scotia
Chief Executive Rick Waugh said on Tuesday that mortgage
delinquencies have risen at Canada’s third-biggest bank, but
that he does not foresee a U.S.-style housing crash.
“We still anticipate what I would call in terms of housing,
a soft landing, and all the metrics which we watch daily confirm
that,” Waugh told the bank’s annual general meeting in Halifax,
TORONTO, March 26 (Reuters) – Canadian authorities on
Tuesday designated the country’s top six banks as “systemically
important” to the domestic economy and increased oversight of a
widely used global derivatives clearing system in an effort to
reduce banking system risk.
The so-called too big to fail designation was widely
expected by the market and means the six banks will have to keep
more capital on hand than required by the Basel Committee on
Banking Supervision after the 2008 financial crisis.
TORONTO, March 19 (Reuters) – Manulife Financial
said on Tuesday it is reversing a decision to cut mortgage rates
following pressure from Canada’s finance ministry, which has
raised concerns about record consumer debt levels.
Manulife, which is Canada’s largest insurer but also offers
banking services such as mortgages, said this week it would
offer five-year loans at 2.89 percent, down from its previous
3.09 percent and lower than the posted rates of any of Canada’s
top five banks.
TORONTO, March 5 (Reuters) – Bank of Nova Scotia
capped the Canadian bank earnings season with a
better-than-expected 13 percent profit gain and a dividend hike,
helped by higher markets-related income and the acquisition of
Canadian online lender ING Direct.
The result, which pushed its shares to an all-time high,
ended an earnings period that saw all of Canada’s five biggest
banks exceed earnings estimates and all but one raise dividends,
as each were able to find ways to boost profits in spite a
slowdown in their key consumer lending businesses.
TORONTO, March 1 (Reuters) – If mineral exploration, like
real estate, is all about location, then Gold Standard Ventures
Corp would appear to own the equivalent of a penthouse
on Park Avenue.
Its flagship gold project sits in Nevada’s productive
Carlin Trend, nestled next to projects owned by Barrick Gold
Corp and Newmont Mining Corp. Its location
makes the explorer a prime prospect to be scooped up by one of
the mining giants or secure financing for its Railroad project.
TORONTO, Feb 28 (Reuters) – Three of Canada’s top banks
posted stronger-than-expected quarterly profits on Thursday as
they relied on lower loan-loss provisions, cost-cutting, and
stronger international revenue to offset slower growth in
domestic consumer lending.
Royal Bank of Canada and Toronto-Dominion Bank
, the country’s two largest banks, both raised their
quarterly dividend. No. 5 lender Canadian Imperial Bank of
Commerce left its payout unchanged, prompting investors
to pull its shares lower.
Feb 26 (Reuters) – Bank of Montreal’s core profit
topped expectations on the back of higher markets-related
revenue, though low interest rates squeezed profits at its
consumer lending segment, suggesting Canada’s other banks could
struggle to generate revenue growth.
BMO, Canada’s No. 4 lender and the first to release
first-quarter 2013 results, raised its quarterly dividend,
citing its strong business performance and solid capital
position. Its shares were up about nearly 1 percent, or 61
cents, at C$63.55 in early trading on Tuesday.
TORONTO, Feb 24 (Reuters) -
Canada’s banks made double-digit profit growth look easy last
year. But the going got tougher in the first quarter of this
fiscal year as a cooling housing market and a low interest-rate
environment started to sap the profits the Big Six earn on
Earnings are still growing, but modestly now and probably
not fast enough for bank shares to maintain the momentum that
pushed some of them to record highs, especially with U.S. banks
becoming more appealing to investors.
TORONTO, Feb 20 (Reuters) – Shares of Industrial Alliance
Insurance (IAG.TO: Quote, Profile, Research) fell more than 4 percent on Wednesday after
the company announced a C$225 million ($221.73 million) share
issue that spurred an analyst downgrade and diluted the
company’s public float by 6.5 percent.
Industrial Alliance and Financial Services Inc, Canada’s No.
4 life insurer, said late on Tuesday it would issue 6 million
shares at a price of C$37.50 a share, a 2.8 percent discount to
its Tuesday closing price of C$38.59 on the Toronto Stock