Bank of Montreal earnings beat estimates and the stock jumped to above $92.00 marking a new all-time high for the stock.
This gave investors confidence and financial stocks rallied on the back of Bank of Montreal Stock’s rally.
This aided the TSX Composite Index as energy stocks dipped with a drop in the price of oil on reports of over production by OPEC members.
By the close of the day however, losses in energy stocks were mild with Suncor Energy Stock down 0.28% to $42.97 still near its high of $44.29.
All of this assisted the TSX Composite Index in rising on Tuesday for a second day.
TSX Composite Index Rises 30.63 Points
The TSX closed the day up 0.20% at 15,125.80.
Canada’s trade deficit narrowed to $1.13 billion better than the expected $1.7 billion deficit. The reduction however was not the result of more exports but the result of declining imports.
Here is the Canadian Stock Market outlook for Wednesday Dec 7 2016. The outlook includes the latest update to the TSX Market Direction Portfolio.
The rest of the Canadian Stock Market Outlook for tomorrow is for FullyInformed Members.
TSX Composite Index – Canadian Stock Market Outlook for Dec 7 2016
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