The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Stocks set to advance on Fed reassurances, traders look to solid run of bank earnings
– canadianbusiness.com
TORONTO – Stock markets look set to gain ground this week after traders got some reassurance from the Federal Reserve last week on interest rates.
The Toronto market could find some lift from the financial sector after Royal Bank (TSX:RY) on Friday kicked off the quarterly earnings season for the big banks with a record profit of $2.38 billion that beat expectations and then hiked its dividend.
There was strong performance across most sectors, led by its capital markets and wealth management divisions.
Analysts are looking for a solid quarterly performance from the rest of the big banks this week.
“I think you’re going to see a lot of the same themes,” said Robert Gorman, chief portfolio strategist at TD Waterhouse.
“By and large, this sort of relative performance of the Royal will not be hugely different than the others. The variable will be capital markets as some of the banks are bigger in that than others. That’s the variable in the equation.”
Whether further strong earnings reports will translate into hikes in share prices is another story…
The Toronto market could find some lift from the financial sector after Royal Bank (TSX:RY) on Friday kicked off the quarterly earnings season for the big banks with a record profit of $2.38 billion that beat expectations and then hiked its dividend.
There was strong performance across most sectors, led by its capital markets and wealth management divisions.
Analysts are looking for a solid quarterly performance from the rest of the big banks this week.
“I think you’re going to see a lot of the same themes,” said Robert Gorman, chief portfolio strategist at TD Waterhouse.
“By and large, this sort of relative performance of the Royal will not be hugely different than the others. The variable will be capital markets as some of the banks are bigger in that than others. That’s the variable in the equation.”
Whether further strong earnings reports will translate into hikes in share prices is another story…
