Skip to Content
Global News Select

Toronto Stocks Edge Lower, National Bank of Canada Rises on 1Q Profit, Revenue Growth

By Adriano Marchese


Stocks in Toronto were moderately lower as Canadian bank earnings continued with National Bank of Canada and Royal Bank of Canada reporting.

On the macroeconomic front, Canada's current-account deficit continued to narrow in the final quarter of 2023 largely because of a rise in the goods surplus. For the year, however, the country's deficit widened with a decline in goods exports with lower energy prices.

In Wednesday's session, sector performance was mixed. Process industries, commercial services and utilities stocks were the main gainers, offset by losses primarily in distribution services, communications and tech.

Canada's S&P/TSX Composite Index edged 0.14% lower to 21289.06 and the blue-chip S&P/TSX 60 0.14% down to 1284.93.

National Bank of Canada led the "Big Six" bank stocks, rising 3.3% to 107.08 Canadian dollars ($79.14) after reporting profit in the first fiscal quarter that rose 5.3% thanks to revenue growth across its business segments and even as the lender joined other banks in the country in raising loan-loss provisions.


Other market movers:


Royal Bank of Canada reported stronger-than-expected first-quarter earnings with a drop in taxes, which more than offset a jump in credit-loss provisions and weaker income across much of its business. Shares were up 0.5% to C$131.93

Shares in Fiera Capital were 8.2% higher at C$8.14 after the company reported higher-than-expected revenue and earnings in the fourth quarter, and laid out its plans for growth for this year.

SSR Mining's shares were 4.4% lower at C$60.4 after the miner said it has suspended its dividend payments and its share buyback plan. It also dropped production guidance following a landslide at a mine in Turkey where nine people are still missing.

MDA shares were 1.5% higher at C$14.29 after reporting higher profit and revenue in the fourth quarter, beating analyst expectations amid strong performances from its robotics and space operations as well as satellite systems units. The aerospace company said it expects the momentum to continue in 2024.


Write to Adriano Marchese at


(END) Dow Jones Newswires

February 28, 2024 12:27 ET (17:27 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Market Updates

Sponsor Center