Canada Stocks Close Higher; Most Sector Up Led By Info Tech; Loblaw and Metro Drag on Broader Markets


Canadian stocks closed higher on Wednesday, most sectors where up led by Info Tech, but Metals and Mining created headwinds for equity investors. Stocks climbed for the first time this week despite worse than expected earnings from retailers.

METRO INC. (MRU.TO) today announced its results for the fourth quarter ended September 28, 2013 - a 12-week quarter versus 13 weeks in 2012. Net earnings for the fourth quarter of 2013 were $83.6 million, a decrease of 42.4% over net earnings of $145.1 million for the same quarter of 2012. Fully diluted net earnings per share were down 39.7% to $0.88 from $1.46 last year. The stock closed down 5.65%.

Loblaw Co Ltd (L.TO), which is in the process of buying Shoppers Drug Mart Corp (SC.TO) and has spun off its real estate holdings into a new publicly traded trust, reported third-quarter adjusted net earnings of $220 million or $0.78 per share compared to $228 million or $0.81 per share a year earlier. The EPS forecast was for $0.80. The stock closed down 7.55%

Royal Bank of Canada (RY.TO) was the most active share on the TSX with no fresh specific stock news driving volume. The stock closed up 1.69% with 12 million shares changing hands.

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This article appears in: Investing , Commodities

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