Toronto Stocks Pare Back Gains; Toronto-Dominion Bank Slides on 3Q Miss

By Adriano Marchese

Stocks in Toronto were modestly lower mid-trading on Thursday as Canadian bank third-quarter earnings come into focus.

Royal Bank of Canada and Toronto-Dominion bank kicked off earnings with RBC beating expectations and TD Bank missing. Sector performance more broadly was mixed, with healthcare and tech posting the biggest declines while services and utilities were ahead.

At midday, Canada's S&P/TSX Composite Index was down by 0.29%, to 19822.26, and the blue-chip S&P/TSX 60 fell by 0.26%, to 1186.32.

Toronto-Dominion Bank shares tumbled by 2.1%, to 81.60 Canadian dollars ($60.32), after logging a lower profit in its fiscal third quarter, as declines in its core businesses and provision for credit losses dragged. Revenue came in stronger-than-expected.

Other market movers:

Royal Bank of Canada saw a rise of 1.5% to its shares, reaching C$122.06 on the back of better-than-expected profit and revenue. The bank saw an uptick in provisions for credit losses, but this was offset by its largest businesses that had strong growth in the period.

Crescent Point Energy agreed to sell its North Dakota assets for US$500 million to a private operator, and reduced its production guidance as a result. Shares were down 1%, to C$10.94.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 24, 2023 12:23 ET (16:23 GMT)

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