VANCOUVER, BC (May 27, 2011) Dominion Lending Centres Clearlease Reports The resource sector helped lift the Toronto stock market Friday as prices for oil and metals ran ahead while the financial sector was a drag after Royal Bank (TSX:RY) delivered earnings that missed analyst expectations.
The S&P/TSX composite index gained 25.31 points to 13,801.21 while the TSX Venture Exchange was up 10.69 points to 2,082.74. The Canadian dollar was up 0.05 of a cent to 102.23 cents US.
The financial sector was down 0.65 per cent as Canada’s biggest bank reported net income of $1.51 billion or $1 per share for the second quarter, up from earnings of $1.33 billion or 88 cents per share a year ago. The average analyst estimate was for a profit of $1.12 per share, according to Thomson Reuters and Royal Bank shares lost $1.53 to $57.64.
The bank also announced a four cent increase to its quarterly dividend Friday morning — its first such increase in four years — bringing it to 54 cents per quarter.
Bank of Montreal (TSX:BMO), TD Bank (TSX:TD), CIBC (TSX:CM) and National Bank (TSX:NA) have all reported earnings this week. All except National came in below analysts expectations for earnings.
The energy sector was up 0.52 per cent as a weaker U.S. dollar helped push oil prices higher. The July contract on the New York Mercantile Exchange gained 46 cents to US$100.69 a barrel.
A weaker greenback usually helps boost oil prices, which are denominated in U.S. dollars, as it makes oil less expensive for holders of other currencies.
Suncor Energy (TSX:SU) gained 40 cents to C$41.50 and Cenovus Energy (TSX:CVE) was up 35 cents to $35.83.
The base metals sector gained 1.4 per cent as metals also picked up with the July copper contract on the Nymex ahead seven cents to US$4.18. Teck Resources (TSX:TCK.B) advanced 73 cents to C$49.88 while Lundin Mining Corp. (TSX:LUN) rose 16 cents to $7.24.
Bullion also nudged higher as the June contract in New York gained $5.70 to US$1,528.50 an ounce. The gold sector gained 0.64 per cent and Barrick Gold Corp. (TSX:ABX) climbed 24 cents to C$46.47.
In other corporate developments, Research In Motion Ltd. (TSX:RIM) was down 67 cents to $42.03 after the BlackBerry maker said Friday that a class-action lawsuit has been filed against it in the U.S., alleging that the company’s leadership made materially false and misleading statements about its financial condition and business prospects to investors.
New York markets were slightly higher after a report showed Americans’ income edged up last month.
The U.S. Commerce Department said that both personal income and spending rose 0.4 per cent in April, in line with what economists expected. Higher food and gas prices accounted for most of the spending increase.
The Dow Jones industrial average gained 51.92 points to 12,454.68.
The Nasdaq composite index rose 7.98 points to 2,790.9 while the S&P 500 index dipped 5.48 points to 1,331.17.
Trading is expected to be light before the long weekend in the U.S. New York markets are closed Monday for Memorial Day.
In other earnings news, aerospace and industrial products manufacturer Heroux-Devtek Inc. (TSX:HRX) reported fourth-quarter net income of $7.7 million or 25 cents per diluted share, up from $4.4 million or 14 cents in the same 2010 quarter. Sales revenue was just under $106 million, up from $84.9 million in the prior-year period. Its shares gained 71 cents to $9.13.
In Asia, Japan’s Nikkei 225 index moved down 0.4 per cent, Hong Kong’s Hang Seng gained one per cent and Australia’s S&P/ASX 200 added 0.5 per cent.
Chinese shares sank to their lowest level in nearly eight months as investors, succumbing to gloom over the outlook for the latter half of the year, unloaded shares.
The benchmark Shanghai Composite Index moved one per cent lower to its lowest close since Sept. 30 of last year. The Shenzhen Composite Index fell two per cent.
European markets advanced as London’s FTSE gained 1.04 per cent, Frankfurt’s DAX was up 0.5 per cent and the Paris CAC 40 climbed 0.89 per cent.
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About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
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