Canadian Stocks Finish November on a Positive Note
By Adriano Marchese
Canadian stocks showed strong gains in mid-trading on Friday, ending the month of November with a 7.2% increase. The earnings reports from Canada's big banks were a mix of results, with Bank of Montreal and National Bank of Canada delivering their fourth-quarter earnings.
The retail trade sector was the only one that declined during the session, while communications, transportation, and process industries led the pack in terms of gains.
The S&P/TSX Composite Index, Canada's main stock index, climbed 0.54% to reach 20,345.19 points. The blue-chip S&P/TSX 60 also advanced by 0.48% to 1225.36 points.
National Bank of Canada saw its shares rise by 4.2% to reach 93.65 Canadian dollars ($69.06) after reporting an increase in profit and revenue in its fiscal fourth quarter. This growth was driven by strong performances across its main segments.
Other notable market movers included Bank of Montreal, which reported lower profit and revenue in its fiscal fourth quarter due to costs, provisions for credit losses, and the inclusion of Bank of the West results in the current period. Despite this, its shares were up 1.4% to C$112.95.
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