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.
Quebec Premier Pauline Marois’s success in luring former Quebecor Inc. Chief Executive Officer Pierre Karl Peladeau to be a candidate in the provincial election may alienate the separatist Parti Quebecois’ traditional union supporters.
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.
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.