21:41:47 EDT Thu 16 May 2024
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Globe/wire say BMO messes up TSX's otherwise good day

2024-02-28 08:47 ET - In the News

The Globe and Mail reports in its Wednesday edition that Canada's main stock index ended slightly lower on Tuesday, extending its pullback from a 22-month high as losses for financials after BMO missed earnings estimates offset gains for energy shares. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended down 5.41 points. It was the second straight day of declines for the index after it posted on Friday its highest closing level since April, 2022. "BMO came in just below expectations. So that's going to be a little concern to the overall banking system. And the fear is whether some of the other banks that would report later in the week have got the same issue that the BMO has experienced," said Greg Taylor, chief investment officer at Purpose Investments. BMO fell 3.6 per cent, hurt by larger-than-expected funds set aside for potential credit losses. Scotiabank fared better, rising 3.2 per cent after the bank beat profit estimates. The heavily weighted financials sector was down 0.4 per cent, while energy added 0.4 per cent as oil settled 1.7 per cent higher at $78.87 (U.S.) a barrel following reports that OPEC+ is considering extending voluntary oil output cuts into the second quarter.

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