BMO reported earnings of C$1.90 per share in its fiscal fourth quarter, falling short of the C$2.38 average estimate from analysts. The shortfall was attributed to significantly higher loan-loss provisions than anticipated.
Yaghoubian's startup, Toothpod, is developing a "smart gum" to enhance oral hygiene and has partnered with Harvard for clinical trials. Despite the U.S. venture capital landscape being more lucrative, Canadian entrepreneurs benefit from local support systems, including universities and government funding, fostering a growing health tech ecosystem. Maman Biomedical's innovative drug delivery patch exemplifies the potential of Canadian startups, which are increasingly able to access necessary resources and funding domestically.
Futures tied to Canada's main stock index were subdued as investors awaited earnings from major banks, with the TSX closing slightly higher. Bank of Montreal reported a drop in fourth-quarter profit due to increased loan loss provisions, while Canadian Imperial Bank of Commerce saw a profit rise. In economic news, Canada's merchandise trade deficit narrowed in October, and traders anticipate a rate cut by the Bank of Canada next week. Meanwhile, U.S. stock futures remained unchanged following a record day, with Bitcoin surpassing $100,000 for the first time.
Royal Bank of Canada exceeded analyst expectations with Q4 adjusted earnings per share of $3.07 and revenue of $15.1 billion. In South Korea, President Yoon Suk Yeol rescinded his martial law declaration amid political turmoil, facing potential impeachment. Seven & i Holdings Co. plans a $60 billion buyout that includes an IPO for its North American assets, while Dollarama aims to expand in Western Canada with a new logistics hub. Foot Locker shares fell 19% after missing earnings expectations and announcing store closures.
The National Bank of Canada reported a strong fourth-quarter earnings growth, driven by a 17% increase in its wealth management division's adjusted net income, reaching C$219 million. This performance aligns with the broader banking sector's trend, as lower interest rates stimulate loan growth and enhance profitability. Looking ahead, the bank aims to expand its wealth management services to capitalize on the favorable economic environment.
Andlauer Healthcare Group Inc. (TSE:AND) has seen its stock rise by 7.5% over the past three months, driven by a solid return on equity (ROE) of 16%, outperforming the industry average of 13%. The company achieved a 17% growth in net income over the last five years, aligning closely with the industry’s average growth of 16%. Investors should consider the P/E ratio to assess whether the stock is appropriately valued based on its earnings prospects.
Toronto home sales rose for the fourth consecutive month, increasing by 1.9% in November as falling interest rates attracted buyers back to the market. The benchmark price for a home in the city also saw a 0.8% rise, reaching C$1.094 million ($777,940), marking the second straight monthly gain.
UBS Global Wealth Management's Mark Haefele noted that President-elect Trump's proposed tariffs on Mexico, Canada, and China have led to currency declines and market volatility. While the tariffs aim to leverage negotiations on migration and drug trafficking, Haefele maintains a positive outlook on US equities, citing strong growth prospects despite potential trade risks. He recommends a defensive stance on China stocks and suggests diversifying portfolios with gold and alternative assets.
Despite a drop in bond yields, major Canadian banks, including CIBC, Royal Bank, and TD, have raised fixed mortgage rates by 15-35 basis points. Experts suggest this counterintuitive move reflects lenders' responses to previous yield increases and a shift in borrower preferences towards variable rates, potentially leading to future rate wars if bond yields stabilize. Seasonal trends also play a role, as banks typically increase rates in December after ending marketing campaigns.
Scotiabank analysts have identified Power Corporation of Canada as a compelling dividend investment, offering a 5% yield and significant growth potential. Trading at a 26% discount to its estimated net asset value, the company is expected to benefit from its subsidiary Great-West Lifeco's upcoming earnings growth targets. Recent corporate actions, including a stake sale and share buybacks, further bolster its positive outlook.
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