Bank of Montreal reported first- quarter profit that beat analysts’ estimates as higher earnings from investment banking and the U.S. offset a slowdown in consumer lending in Canada. The bank raised its dividend 2.8 percent.
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.
Rogers Communications Inc. is raising its bet on sports with a 12-player trade designed to revive the Toronto Blue Jays baseball franchise a year after buying the National Hockey League’s Toronto Maple Leafs.
Canadian stocks rose to their highest level in a month as energy shares rallied after Exxon Mobil Corp. agreed to acquire oil and gas producer Celtic Exploration Ltd. and U.S. housing starts jumped to a four-year high.