Canadian Markets Moderately Higher Today, Paced by Financial, Mining Stocks


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Canadian stocks are higher this afternoon, led by financial and mining stocks. Most other industry sectors are little changed, although shares of energy companies are now off about 0.5% despite crude oil appearing ready to settle slightly higher in New York futures trading.

Here's where the Canadian markets stand this afternoon:

- S&P/TSX Composite Index up 62.24 (+0.54%) to 11,559.54

- S&P/TSX Venture Composite Index down 14.46 (-1.14%) to 1,255.24

In company news, U.S.-listed shares of Bank of Nova Scotia ( BNS ) are up about 1.3% this afternoon with the head of the bank's global wealth managment division saying the company would consider raising its stake in CI Financial Corp if the right deal presented itself.

BNS now owns a 36% stake in the Canadian mutual fund company. The bank currently has no plans to increase its position, Chris Hodgson told the Morgan Stanley Financials Conference in New York today. But that could change, he said, should the opportunity arise.

"We like the asset management business, so clearly if we had an opportunity and the metrics could work out over a period of time, that would be appealing to us," Hodgson said, later saying BNS also may try to build out an asset management business in the United States, where it currently has a very limited presence.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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