TSX one of the few to close higher
Global equities were generally lower Thursday but the main index of the TSX was an outlier, ending the session just the right side of flat.
While volatile oil prices hit the energy sector, one of five sectors to close lower; materials and utilities led the other five sectors in closing with gains.
Wall Street’s three main indexes all closed lower with healthcare losing 1 per cent. Healthcare was also lower on Europe’s indexes along with miners. Asian indexes were impacted by concerns over the liquidity in China’s banks.
Markets are awaiting Friday’s speech by Fed chair Janet Yellen.
The S&P/TSX Composite Index closed up 4.48 (0.03 per cent)
The Dow Jones closed down 33.07 (0.18 per cent)
Oil is trending higher ($49.66, WTI $47.34 at 4.50pm)
Gold is trending lower ($1325.40 at 4.50pm)
The loonie is valued at U$0.7735
Bank profits continue to exceed expectations
Two more of Canada’s big banks reported quarterly earnings Thursday and both exceeded the expectations of analysts.
TD’s profit was $2.36 billion for the third quarter, boosted by its US retail banking division and up from $2.27 billion in the same quarter of 2015. Earnings per share were $1.27 after adjustments.
Meanwhile, CIBC posted profits of $1.07 billion excluding the sale of its stake in American Century Investments. That’s up from $978 million in the same quarter of 2015.
Earnings per share were $3.61 per share, up from $2.42 a year earlier.
Average Canadian wages slightly higher
Average non-farm payroll employees saw weekly earnings increase 0.4 per cent in June compared to May, Statistics Canada reported. The $958 figure is 0.5 per cent higher than June 2015.
Admin and support services led the gains but only 3 sectors saw increases while professional, scientific & technical services, educational services, and public administration led declines.
New Brunswick led the gains while wages in Alberta were lower again.