Canadian bank third-quarter earnings have been in focus as the Toronto stock market experienced modest declines today. Royal Bank of Canada (RBC) exceeded expectations, while Toronto-Dominion Bank (TD Bank) missed. Despite this mixed performance, services and utilities sectors were able to maintain gains, while healthcare and tech industries experienced the biggest declines.
Stock Market Performance
As of midday, Canada’s S&P/TSX Composite Index dropped by 0.29% to 19,822.26, and the blue-chip S&P/TSX 60 fell by 0.26% to 1,186.32.
TD Bank’s Slump
Shares of TD Bank experienced a significant drop, falling by 2.1% to 81.60 Canadian dollars ($60.32). The bank reported lower profits in its fiscal third quarter due to declines in core businesses and provisions for credit losses. However, their revenue exceeded expectations.
RBC’s Success
On the other hand, RBC saw a rise of 1.5% in its shares, reaching C$122.06, following better-than-expected profit and revenue. Although provisions for credit losses increased, RBC’s largest businesses displayed strong growth during the period.
Other Market Movers
In other news, Crescent Point Energy announced the sale of its North Dakota assets for US$500 million to a private operator. This transaction led to a 1% decrease in shares, which are now valued at C$10.94.
