Bay Street Likely To Open On Positive Note
(RTTNews) - Canadian shares are likely to open on a positive note on Wednesday, riding on strong earnings from Royal Bank of Canada and National Bank of Canada. Weak commodity prices and concerns on the geopolitical and tariffs front may weigh limit market's upside.
Royal Bank of Canada (RY.TO) reported third quarter net income of C$5.4 billion, up 21% from prior year. EPS was C$3.75, up 21%. Adjusted net income and adjusted EPS of C$5.5 billion and C$3.84 were up 17% and 18%, respectively.
National Bank of Canada reported third quarter net income of C$1.065 billion, up 3% from a year ago. Earnings per share was C$2.58 compared to C$2.89. Excluding items, adjusted net income was at C$1.104 billion, up 15% from prior year. Adjusted earnings per share was C$2.68, stable compared to last year.
The Canadian market ended on a firm note on Tuesday, recovering from recent losses. The benchmark S&P/TSX Composite Index climbed 169.94 points or 0.6% to 28,339.88, reaching a new record closing high.
Asian stocks turned in a mixed performance on Wednesday with investors assessing China's industrial profits data. The data showed profits slipped 1.5% from a year earlier in July.
The major European stocks are mixed in cautious trade with investors awaiting fresh directional clues.
In commodities trading, West Texas Intermediate Crude oil futures are down $0.07 or 11% at $63.18 a barrel.
Gold futures are down $7.70 or 0.22% at $3,425.30 an ounce, while Silver futures are lower by $0.251 or 0.65% at $38.355 an ounce.
Asian Markets Mixed Amid Caution Trades
Sensex, Nifty Seen Tad Higher At Open As IIP Growth Recovers
Thai Stock Market Tipped To Open In The Green
Japanese Market Notably Lower
Additional Support Predicted For Indonesia Shares
Australian Market Slightly Lower
Hong Kong Shares May Stop The Bleeding On Friday
