The S&P/TSX Composite traded higher on Tuesday, as investors took
cheer after top officials in the European Central Bank and the Bank of
Japan pledged their support for continued monetary easing.
Bank of Nova Scotia (BNS), Canada’s third-biggest lender by assets, said
second-quarter profit rose 9.6% to $1.6 billion, on contributions from its
takeover of ING Groep’s (ING) Canadian business. Results missed
analysts’ estimates, however.
Gran Tierra Energy (GTE) said a horizontal exploration well in Peru
tested 3,095 barrels of oil a day. It also said it will begin an engineering
study to implement a long-term test to help bring new oil to market.
MTY Food Group (MTY) said it has agreed to buy most of the assets of
the Extreme Pita, PurBlendz and Mucho Burrito restaurant concepts for
$45 million. It said the purchase is the biggest in its history.
Baytex Energy (BTE) went lower after the CBC reported that as many as
six families have left an area in the Peace River due to emissions from a
Baytex heavy oil production site.
Novus Energy (NVS) released first-quarter operating and financial results
that were generally in line with forecasts given production volumes were
previously released in late April. The key takeaway from the release was
the encouraging results from its second quarter section pilot at Flaxcombe
testing the two distinct Viking cycles.
The S&P 500 rebounded from last week’s loss on Tuesday, after data
showed home prices rose in March by the most in seven years and a report
showed consumer confidence improved.
Tiffany’s (TIF) said its first-quarter net income rose 3% as sales improved
across all regions. Sales were helped by promotional events tied to
Tiffany’s 175th anniversary as well as a tie-in for “The Great Gatsby”
movie, for which the company designed the jewellery.
Solar module manufacturer Canadian Solar (CSIQ) reported a smallerthan-expected first-quarter loss on a steep fall in manufacturing costs, and
forecast higher solar panel shipments for the current quarter as it steps up
its presence in the high-margin Japanese market.
Offshore oil driller Seadrill (SDRL) beat forecasts with record core
earnings in the first quarter and it said high day rates and expected orders
would make the second quarter strong too.
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