RTTNews - Toronto stocks could see early gains on Tuesday as markets are seeing green in Europe and the U.S. Financials will be in focus after Bank of Montreal (BMO.TO) revealed better-than-expected third quarter earnings.
BMO Financial reported third-quarter net income of C$524 million, compared to C$502 million last year. Earnings per share were C$0.97, compared to C$0.98 in the same quarter last year.
In other corporate news, Absolute Software Corp. (ABT.TO) reported its fourth-quarter net income was C$16.49 million or C$0.35 per share, compared to net loss of C$2.33 million or C$0.05 per share last year.
General Motors Co., now known as Motors Liquidation Co. (MTLQQ.PK), is reportedly considering plans to raise funds to keep Opel, as an alternative to selling the unit to Canadian car-parts maker Magna International (MGA.TO) along with German-backed bailout funds.
On the commodity front, crude oil fell 5 cents to $74.32 per barrel and copper lost 3 cents to $2.9005, while gold rose $9 to $952.70.
There is no major economic news on tap from Canada on Tuesday. Across the border, the Conference Board will reveal its consumer confidence data at 10 a.m. ET. A reading of 48.0 is expected for August, compared to 46.6 in July.
Meanwhile, Ben Bernanke has been chosen for the post of Federal Reserve Chairman for the second term by President Barack Obama.
On Monday, the S&P/TSX Composite Index fell 41.21 points or 0.38% to settle at 10,789.97. Earlier the index had reached above 10,900 for the first time in 2 1/2 weeks.
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