Toronto Stocks Plunge
Stocks in Toronto traded deep in the red Tuesday, led by sharp decline in the energy sector while shares of BMO Financial Group took a hit after posting a decline in profit. The TSX was off 323.12 points, or 1.629% at 19,512.90. BMO Financial Group reported third-quarter net income of $1.37 billion, down from $2.28 billion in the same quarter a year earlier, as it took a $945-million charge related to its acquisition of Bank of the West. The bank said Tuesday its profit amounted to $1.95 for the quarter ended July 31, down from a profit of $3.41 per diluted share a year ago. BMO shares are trading down $3.09 at $124.68. The Canadian dollar edged down 0.055 cents to 76.35 cents U.S. ON BAYSTREET The TSX Venture Exchange inched lower by 8.00 points, or 1.244%, to 635.33. All of the 12 TSX subgroups were lower, with Energy issues down 3.66%, Material stocks off 2.76 and Health care issues down 2.19%. ON WALLSTREET Stocks in the U.S traded lower as the Federal Reserve and other global central bankers continued to signal a rise in interest rates.
Toronto Stocks Plunge
Stocks in Toronto traded deep in the red Tuesday, led by sharp decline in the energy sector while shares of BMO Financial Group took a hit after posting a decline in profit. The TSX was off 323.12 points, or 1.629% at 19,512.90. BMO Financial Group reported third-quarter net income of $1.37 billion, down from $2.28 billion in the same quarter a year earlier, as it took a $945-million charge related to its acquisition of Bank of the West. The bank said Tuesday its profit amounted to $1.95 for the quarter ended July 31, down from a profit of $3.41 per diluted share a year ago. BMO shares are trading down $3.09 at $124.68. The Canadian dollar edged down 0.055 cents to 76.35 cents U.S. ON BAYSTREET The TSX Venture Exchange inched lower by 8.00 points, or 1.244%, to 635.33. All of the 12 TSX subgroups were lower, with Energy issues down 3.66%, Material stocks off 2.76 and Health care issues down 2.19%. ON WALLSTREET Stocks in the U.S traded lower as the Federal Reserve and other global central bankers continued to signal a rise in interest rates.