RTTNews - Toronto stocks are in the green on Tuesday morning as financials received a boost from a strong earnings report from Bank of Montreal (BMO.TO).
The S&P/TSX Composite Index has rallied 131.04 points or 1.21% to move at 10,920.31. The market reached its highest intraday level in nearly three weeks.
The Financial Index is up 2.8% to lead the way. BMO Financial has rallied 5.1% after the company 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.
CIBC (CM.TO) will report tomorrow; Royal Bank (RY.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada are scheduled to report Thursday and Scotiabank (BNS.TO) is on the docket for Friday.
Mining stocks are up 2.1%. Inmet (IMN.TO) has gained 3.2% to lead the way. Gold stocks have added 1.8% with Eldorado (ELD.TO) rising 2.5%.
In other corporate news, Absolute Software Corp. (ABT.TO) is up 4% after the company 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 (MG.A.TO) along with German-backed bailout funds. Magna shares are up 1%.
On the economic front across the border, the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 15.4 percent in June compared to a revised 17 percent drop in May. Economists had expected prices to fall 16.4 percent compared to the same month a year ago.
The Conference Board reported its consumer confidence index rose to 54.1 in August. A reading of 48.0 was expected, compared to 46.6 in July.
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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