CANADA STOCKS-TSX boosted by BMO results, U.S. data

Tue Aug 25, 2009 5:09pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX up 130.56 points, or 1.21 percent, at 10,920.53

* Bank of Montreal results top forecasts, other banks rise

* U.S. data, Bernanke nomination support equity strength (Adds details, quotes)

By Jennifer Kwan

TORONTO, Aug 25 (Reuters) - Toronto's main stock index ended higher on Tuesday as Bank of Montreal energized financial issues by kicking off the sector's quarterly earnings season with surprisingly strong results.

Bank of Montreal BMO.TO, Canada's fourth-largest bank, climbed 6.7 percent to C$52.30 after delivering a profit that comfortably surpassed market expectations. [ID:nN24133906]

The results, which could bode well for the rest of country's banks this week, helped lift the hefty financials group by 3.6 percent.

Big banks were among the top 10 most influential movers, led by Royal Bank of Canada RY.TO, the country's biggest lender, which was up 4.1 percent at C$52.80. Toronto-Dominion Bank TD.TO climbed 3.3 percent to C$65.72. Insurers were also strong performers, with Manulife Financial MFC.TO ahead 3.1 percent at C$23.09.

"The financials have been on a tear. With BMO kicking off the season with a positive tone that's going to drag everything else along," said Levente Mady, market strategist at Union Securities in Vancouver.   Continued...