Canadian stocks are broadly higher today with the S&P/TSX
Composite index climbing about 72 points, having been up around 100
points earlier. Bullish sentiment has been pushing North American
markets higher from the off, with the Dow reaching all time
Most industry sectors are trading higher, with only shares of
consumer staples and utility companies - both traditionally
defensive plays - trending lower this afternoon. Metals &
Mining and Healthcare stocks are posting the best gains, both
rising more than 1% respectively.
Financial stocks are being helped along by Bank of Nova Scotia
(BNS.TO, BNS) hiting new year highs after reporting a
better-than-expected C$1.27 a share profit, ex items, in its fiscal
Q1. The result, up from C$1.22 a share in the year-ago quarter and
beating analyst expectations by $0.02, was supported by the bank's
$3-bln acquisition of ING Groep's one-time online bank operations
in Canada, boosting BNS' loans and deposits.
Also today, BCE Inc. (BCE.TO, BCE) has hit year highs after
Canada's Competition Bureau cleared the company's proposed
acquisition of Astral Media Inc. (ACM-A.TO) for around $3 billion
on the condition BCE sell off some of its pay- and
Corus Entertainment Inc. (CJR-B.TO) is slightly lower now but it
too hit new year highs earlier after it agreed to buy most of those
assets as part of a combined C$494 million deal that also includes
selected assets being spun off by Shaw Communications Inc.
(SJR-B.TO, SJR), another year high hit maker.
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