TSX To Hit 15,000 By End of Year: report
The S&P/TSX composite index will reach 15,000 by the end of the year, as rising oil prices give earnings a boost, George Vasic, strategist at UBS AG, is cited as saying in a Financial Post report.
UBS' earnings expectations for the TSX have been raised 0.9% versus three months ago, while 2012 estimates have fallen 1.9%, the report says.
Vasic reportedly said energy revisions were the big reason for the positive 2011 revision, with estimates 9% higher due to an oil price forecast of US$95 a barrel, up US$10 from the start of the year.
"In the wake of these revisions, TSX earnings are expected to rise 27% this year, although just 6% in 2012," he reportedly said. He reportedly added 2012 earnings will be hindered by a higher Canadian dollar and taxes.
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