Financial stocks were mostly higher in the afternoon session, and the S&P/TSX Financials index was up by only 0.1%.
Banks:
Bank of Nova Scotia (BNS.TO): +0.1%
CIBC (CM.TO): -0.01%
Royal Bank of Canada (RY.TO): +0.3%
Toronto-Dominion Bank (TD.TO): -0.1%
Bank of Montreal (BMO.TO): +1.1%
BMO Capital, in its Tuesday note, said it expects Canadian banks to generate ~7% EPS and dividend growth despite consumer de-leveraging and a softening housing market and continue to appear to be attractive total return vehicles relative to the broader market.
The broker said its expectation is based on modest loan growth but stable to improving margins, solid capital markets and wealth management, improving outlook for their international segments, and positive operating leverage in their domestic franchises.
Other financial stocks:
Fairfax Financial (FFH.TO): +2.3%
Sun Life (SLF.TO): -0.3%
Manulife (MFC.TO): -0.6%
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
