RTTNews - Toronto's main index was unable to break out of a stubborn range Thursday morning despite strong earnings results from major Canadian lenders.
The S&P/TSX Composite Index was up 13.30 points at 10,925. Resource stocks pulled back as the US dollar strengthened, weighing on commodity prices. However, financials rose after earnings results from Canada's big six bans continued to top estimates.
National Bank (NA.TO) shares were up 2.2 percent after it announced that its third-quarter net income was C$303 million, up 6% from the C$286 million in the third quarter of 2008.
Royal Bank (RY.TO) surged 6.5 percent. The company 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 (TD.TO) stock was up 3.3 percent after the company reported third-quarter net income of C$912 million, compared to C$997 million in the year ago quarter.
CIBC (CM.TO) missed estimates in Wednesday, and is down 2.5 percent.
In the US, the Commerce Department released its second estimate of gross domestic product in the second quarter, showing that the pace of decline in economic activity was unrevised from the advance estimate.
The report showed that GDP decreased at an annual rate of 1.0 percent in the second quarter, unchanged from the 1.0 percent decrease originally reported in late July. Economists had been expecting GDP to be revised to show a decrease of 1.5 percent.
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