Canadian stock market lifted by financial sector
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E-mail Xinhua, May 8, 2013
The Canadian stock market edged up on Tuesday as strength in financial shares offset declines in commodity-based stocks.
The S&P/TSX Composite Index rose 10.19 points, or 0.08 percent, to 12,464.11, while the S&P/TSX Venture Composite Index slipped 5. 96 points, or 0.62 percent, to 961.42.
A jump in the main index's key financial sector supported the market on Tuesday. The financial sector on the Toronto Stock Exchange went up about 0.5 percent, thanks to the advancement of shares in two of Canada's five biggest banks.
Royal Bank of Canada rose 0.6 percent to 61.71 Canadian dollars per share, while Bank of Nova Scotia also gained 0.6 percent to 59. 02 Canadian dollars.
Strong earnings reports from Toronto-listed companies also helped power up the Canadian market.
Canada's second-largest airline WestJet reported its "best ever " quarterly results on Tuesday. The Calgary-based company said that its first-quarter net income rose to 91.1 million Canadian dollars, from 68.3 million in the same period of last year. Its total revenue in the first quarter also soared 8.6 percent to 967. 2 million Canadian dollars.
Canada's leading food processor and distributor George Weston Ltd. also reported a nearly-34-percent increase in its first- quarter net earnings, due to foreign currency translation and amendments to its defined benefit pension plan.
However, Canadian oil firm Husky Energy said its first-quarter profit went down from a year ago, as the price for its crude oil products dropped. Brewer Molson Coors also said that its net profit plummeted by more than a half in the first quarter.
On the currency front, the Canadian dollar rose to 0.9957 U.S. dollars at 5 p.m. local time (2100 GMT) Tuesday, compared with 0. 9933 on Monday. Endi
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