Despite a strong start, Canada’s main stock index fell on Thursday, mainly due to declines in financial and resource stocks. Energy was the only sector that gained on the TSX.
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Royal Bank of Canada (TSX:RY) reported higher Q1 profits, driven by strong performance in its wealth management unit, but its shares dropped C$4.90, or 2.8 per cent, to C$166.52.
Other smaller banks, including Bank of Montreal (TSX:BMO), Bank of Nova Scotia (TSX:BNS), and National Bank of Canada (TSX:NA), also beat profit expectations earlier this week, thanks to wealth management revenues. Shares in BMO decreased by 43 cents to C$148.76, Scotiabank’s shares fell by 61 cents to C$49.76, while National Bank’s shares lost 46 cents to C$120.01.
US markets also moved lower, continuing the February slump. President Donald Trump announced that tariffs on Canada and Mexico would proceed as planned, along with increased duties on China. Market darling Nvidia (NASDAQ:NVDA) saw its shares decline following its Q4 earnings report.
The Canadian dollar traded for 69.23 cents US compared to 69.75 cents US on Wednesday.
US crude futures traded US$1.61 higher at US$70.23 a barrel, and the Brent contract rose US$1.38 to US$73.91 a barrel.
The price of gold was down US$41.33 to US$2,874.46.
In world markets, the Nikkei was up 113.80 points to ¥38,256.17, the Hang Seng was down 69.64 points to HK$23,718.29, the FTSE was up 24.75 points to ₤8,756.21, and the DAX was down 243.22 points to €22,550.89.
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(Top image generated with AI.)