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Canada Stocks Lose Morning Gains, Close Slightly Lower; Focus On Bk Earnings - BMO, Scotibank on Tuesday
8/26/2013 4:04:00 PM
By: MT Newswires
Canada stocks closed Monday little changed, having been more than 50 points higher at three month highs late morning when it was buoyed by fertilizer and gold stocks on higher grain and precious metals prices. In addition, weaker than expected U.S. durable-goods orders raised some hopes that the Federal Reserve will slowly turn off the taps on its stimulus programs, and not rush it, when the time comes.
Most sectors were lower, led by Industrials and Utilities. The Metals & Mining sector led the gainers.
But market sentiment this afternoon was not helped by comments from U.S. Secretary of State John Kerry, who said Syria has used chemical weapons.
Focus in Canada will be on the bank sector this week with eight of them slated to report results, starting with Bank of Montreal (BMO.TO) and Scotiabank (BNS.TO) on Tuesday. The forecast earnings for both is $1.52 and $1.30 respectively.