Equity markets

The midday update

August 24, 2016

Canadian stocks are up for a second day, led by banks after quarterly results from the Bank of Montreal (BMO) beat estimates. The S&P/TSX Composite Index is up 0.1% after halting a four-day slide. The S&P/TSX remains the second-best performing developed market in the world this year behind New Zealand. On the S&P/TSX Composite Index seven sectors are down while the Energy, Financials and Infotech sectors are gaining.

Bank of Montreal (BMO) is up 2.07% as third-quarter adjusted profit was C$1.94 a share, beating the C$1.81 average estimate of 15 analysts surveyed by Bloomberg.

TMX Group (X) is down 2.48% after three Canadian pension funds agreed to sell 1.8 million shares of the company in a secondary transaction priced at $57.70/share.

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