Toronto Stocks Rally; National Bank of Canada Shares Fall on 4Q Miss

12/01/2021 | 12:19pm

By Adriano Marchese

Canadian stocks rebounded Wednesday mid-trading with only tech lagging behind gains in all other sectors after multiple sessions of general decline. As the first of Canada's banks release their fourth-quarter results, National Bank of Canada shares fell as adjusted earnings missed analyst expectations.

At midday, Canada's S&P/TSX Composite Index was up 1.52% at 20973.91 and the blue-chip S&P/TSX 60 was up 1.63% to 268.92.

Shares in National Bank of Canada were down 2.1% to C$97.19 after it reported a rise in fourth-quarter profit, benefiting from revenue growth across most of its businesses. However, adjusted earnings of C$2.21 a share missed analyst expectations of C$2.24 a share, taken from FactSet.

Other market movers:

Royal Bank of Canada shares were up 0.5% to C$126.92 after it said profit rose 20% in the fourth quarter, benefiting from higher revenue in the period and good performance across its businesses.

BRP Inc. shares jumped 4.1% to C$105.01 after it increased the bottom end of its earnings guidance for fiscal 2022, though it lowered its forecast revenue range. In its third quarter, the company reported a drop in third-quarter profit and revenue, as supply-chain disruptions weighed on performance in the period.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

12-01-21 1219ET

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