TSX ekes out another record high as bank earnings impress
Posts new record closing high
BMO gains 1.5% and National Bank adds 3.8%
Definity Financial jumps 11.3%.
(Updates at market close)
May 28 (Reuters) - Canada's main stock index edged up on Wednesday to a record closing high as investors cheered quarterly earnings from some of the nation's biggest banks and assessed prospects of consolidation in the insurance sector.
The Toronto Stock Exchange's S&P/TSX composite index ended up 14.45 points, or 0.1%, at 26,283.45, eclipsing Tuesday's record closing high.
Wall Street shares ended lower as investors digested minutes from the last Federal Reserve meeting and awaited results from AI bellwether Nvidia.
"The big story today is the banks," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "Bank earnings were quite impressive given the risks that are facing the Canadian economy right now."
Canada sends 75% of its exports to the United States so its economy could be hurt particularly badly in a global trade war.
Bank of Montreal, Canada's third largest lender, and National Bank of Canada beat analysts' estimates for quarterly earnings. Their share prices rose 1.5% and 3.8% respectively.
Canadian property and casualty insurer Definity Financial's $2.4 billion purchase of Travelers Cos' Canadian business could spur a wave of consolidation in Canada's insurance sector, its CEO said. Shares of Definity Financial jumped 11.3%.
The heavily weighted financials sector added 0.2% and the materials group, which includes metal mining shares, was up 0.6%.
Technology lost 0.3%, while energy ended 0.7% lower despite higher oil prices.
U.S. crude oil futures settled up 1.6% as OPEC agreed to leave their output policy unchanged and the U.S. barred Chevron CVX.N from exporting Venezuelan crude. (Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; Editing by Shilpi Majumdar, Sahal Muhammed and Alistair Bell)
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