![]() (TSX:LUN) shares tumbled $1.67 or 19.5 per cent to $6.89 after it said Wednesday that it will remain an independent company, after its board of directors and financial advisors wrapped up a strategic review without finding a compelling deal to pursue. First Quantum (TSX:FM) gave back $3.91 to C$128.09. The base metals sector was down 2.11 per cent as the July copper contract was off two cents at US$4.09. The bank is also raising its common share dividend for the quarter ending July 31 to 71 cents from 66 cents but its shares fell 81 cents to $80.06 even as it beat earnings and revenue expectations. National Bank of Canada (TSX:NA) reported second-quarter net income of $295 million or $1.48 per diluted share, compared with $261 million or $1.50 in the same 2010 period. "The theme we're seeing with those two is lower revenues, higher costs and that's definitely affecting their operating leverage and resulted in them missing the quarter," said Alison Mendes, portfolio manager at Manulife Asset Management. On an adjusted basis, the earnings were $1.75, about five cents below expectations. TD shares shed $1.95 to $83.34.ĬIBC (TSX:CM) shares fell $3.14 to $81.31 as it reported net income of $678 million or $1.60 per share for the second quarter, compared with net earnings of $660 million or $1.59 a year ago. However, the results missed analyst expectations, with TD posting adjusted earnings per share of $1.59, missing forecasts by a penny. TD Bank's (TSX:TD) profits grew to $1.33 billion in the second quarter from $1.18 billion. weakness helped send the Canadian dollar down 0.34 of a cent to 101.92 cents US.įinancials had a major impact on the market's decline, with the sector down 1.1 per cent as three of the big Canadian banks came out with earnings results Thursday morning. The TSX Venture Exchange gained 3.67 points to 2,052.68.įurther signs of U.S. The S&P/TSX composite index lost 64.25 points to 13,687.22 with buyers also disappointed by the latest reading on the American economy. TORONTO - The financial sector helped send the Toronto stock market lower Thursday after two of the big Canadian banks delivered quarterly results that narrowly missed analysts' forecasts.
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