Canadian stocks rose, with the benchmark index near a three-year high, as banks rallied on better-than-forecast earnings and U.S. Federal Reserve Chair Janet Yellen said stimulus cuts could slow if growth weakens.
Royal Bank of Canada shares are poised to reach a record high, leading a rally in bank stocks as wealth-management activity boosts profit, say investors such as Baskin Financial Services Inc.’s Barry Schwartz.
Sun Life Financial Inc. rallied 40 percent last year as investors rewarded decisions to shed riskier assets and emphasize insurance and wealth management. Chief Executive Officer Dean Connor says the narrower focus can still boost earnings in 2013.
Canadian stocks rose, as financial shares rallied after Citigroup Inc.’s first quarter profit beat estimates and as two people with knowledge of the vote said the U.S. Securities and Exchange Commission didn’t unanimously approve pursuing a case against Goldman Sachs Group Inc.