Canadian investors are pulling money out of exchange-traded funds for a second year as concern grows that a rally in energy and mining that helped drive equities to the best performance among the world’s largest markets has run its course.
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.
Bank of Montreal Chief Executive Officer William Downe aims to reap C$1 billion ($1 billion) of annual profit from U.S. consumer banking, a fivefold increase, after integrating Wisconsin lender Marshall & Ilsley Corp.
Bank of Nova Scotia , Canada’s third- largest bank by assets, said profit climbed to a record, boosted by higher fees from lending and credit cards. The stock had its biggest one-day gain in more than eight months.