Craig Fehr News
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Rising prices for raw materials including copper and fertilizer will help companies led by Teck Resources Ltd. and Agrium Inc. post the first earnings gain in three quarters as the global economy picked up steam, strategists such as Robert Gorman said.
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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.
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Sales at Canadian companies are declining for the first time in 12 quarters as commodity prices head for the first annual retreat in four years amid slowing growth from China to Europe.
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Royal Bank of Canada, Toronto- Dominion Bank and Bank of Nova Scotia, three of the world’s soundest financial firms, are seeking to boost profit with more than C$12 billion ($12.1 billion) in consumer-oriented acquisitions.
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Intact Financial Corp. , Canada’s largest property and casualty insurer, will buy Axa SA ’s Canadian business for C$2.6 billion ($2.7 billion) to bolster its premiums in the country by almost 50 percent.
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Royal Bank of Canada, the country’s largest lender, said fourth-quarter profit rose 43 percent, topping analysts’ estimates, on record earnings from consumer banking and insurance.
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Sun Life Financial Inc., Canada’s third-largest insurer, is seeking a buyer for a U.S. annuities business that may fetch more than $1 billion, said people with knowledge of the matter.
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Royal Bank of Canada, the nation’s biggest lender by assets, is in advanced talks to sell its U.S. retail banking unit to PNC Financial Services Group Inc., people with knowledge of the matter said.
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National Bank of Canada raised its dividend more than analysts expected, becoming the first of Canada’s six biggest banks to increase the payout in two years.
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Toronto-Dominion Bank, Canada’s second-largest lender, said profit increased for the fourth straight quarter as consumer banking earnings climbed in Canada and the U.S.
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