RTTNews - Toronto stocks will look to close out the week on a high note Friday as investors await the final batch of quarterly results from the big six banks.
Canada is the only nation in the group of seven industrialized nations that has not bailed out its banks since the onset of the financial crisis, and this quarter's earnings from the big banks have shown them on solid ground.
This morning, Scotiabank (BNS,BNS.TO) reported third-quarter net income available to common shareholders of C$882 million or C$0.87 per share, compared to C$978 million or C$0.98 per share last year.
However, total revenue grew to a record C$3.78 billion from C$3.37 billion in the prior year quarter. Net interest income rose to C$2.18 billion from C$1.95 billion in the same quarter last year.
Yesterday, financials helped lead the S&P/TSX Composite Index higher by 21.89 points to close at 10,933.96. Stocks were under pressure all morning, but stormed back in the afternoon as the US dollar plummeted, helping resource stocks.
The greenback remained on the ropes Friday morning, signaling that metals and energy stocks may get a further boost from rising prices.
In other corporate news, TransAlta Corp. (TAC,TA.TO) said its wholly-owned subsidiary has extended its offer to buy all of the issued and outstanding common shares of Canadian Hydro Developers, Inc. (KHD.TO) for $4.55 per share in cash.
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