RTTNews - Canadian stocks will look to get back on the winning track Thursday following a lackluster performance in the previous session, but early signals suggest stocks may once again struggle in a quiet range.
Some traders may be compelled to take profits from the market's significant recent gains. Earnings news from the financial sector will once again be in focus, with three of Canada's big six banks revealing quarterly results before the bell.
Royal Bank of Canada (RY: News ,RY.TO: News ) reported third-quarter net income of C$1.56 billion or C$1.05 per share, compared to C$1.26 billion or C$0.92 per share in the same quarter last year. The bank held its dividend steady at 50 cents.
TD Bank Financial Group, comprised of Toronto-Dominion Bank (TD: News ,TD.TO: News ) and its subsidiaries, reported third-quarter net income of C$912 million, compared to C$997 million in the year ago quarter.
National Bank Financial Group (NA.TO: News ) announced that its third-quarter net income was C$303 million, up 6% from the C$286 million in the third quarter of 2008. Earnings per share of C$1.78 for the third quarter, an increase of 3% over the earnings per share of C$1.73 for the same quarter of 2008.
ScotiaBank (BNS.TO) reports Friday.
The S&P/TSX Composite Index dropped 8.36 points or 0.07% to settle at 10,912.17 on Wednesday. The market had rallied a little more than 1.2% on Tuesday.
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