The outlook for Wednesday on the TSX was for the market direction to continue lower despite the positive close on Tuesday. This did not happen. Instead investors chose to focus on the upcoming earnings from the big banks. While no analyst expects dramatic results from any of the big banks, investors still anticipate bank revenue will be better than the same quarter last year. Canadian investors love the big Canadian banks and for good reason. Not only are they the cornerstone of the TSX and the Canadian market, they are the cornerstone of most portfolios, pension funds and institutional investors. With very good dividends, it is hard to go wrong investing in Canada’s banks. On Thursday TD and Royal Banks commence bank earnings season.
Meanwhile Sears Canada posted a quarterly loss of $75.2 million which was more than double the $31.2 million loss for the same quarter last year. For commodities the energy sector was up half a percent while copper dipped 2 cents which did not affect base metals which moved higher by about a quarter of a percent.
TSX Market Direction Outlook for May 22 2014
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