Canadian bank stocks fell after Royal Bank said it earned 84 cents a share in the fourth quarter, excluding certain items, trailing the average analyst estimate by 17 percent.
Royal Bank dropped 5 percent, the most intraday in six months, to C$52.95. Bank of Montreal, the country’s fourth- largest lender by assets, declined 1.1 percent to C$60.17. Bank of Nova Scotia, the No. 3 bank, advanced 1.4 percent to C$54.73 after reporting earnings that topped the average analyst forecast by 2.5 percent.
Canadian Oil Sands slumped 7.4 percent to C$26.31 after saying it expects to declare a quarterly dividend of 20 cents a share next month. The company’s last three shareholder payouts have been 50 cents a unit, and Bloomberg analysts had forecast a dividend of 35 cents a share for next quarter. Analysts at Bank of Montreal and UBS AG cut their rating on Canadian Oil Sands units.
Western Coal Corp., which mines in Canada and the U.S., jumped 11 percent to a record C$11.42 after agreeing to an C$11.50-a-share takeover offer from Walter Energy Inc. Teck Resources Inc., Canada’s largest coal and base-metals producer, climbed for a fifth day, rallying 1.4 percent to C$54.80.
Royal Bank dropped 5 percent, the most intraday in six months, to C$52.95. Bank of Montreal, the country’s fourth- largest lender by assets, declined 1.1 percent to C$60.17. Bank of Nova Scotia, the No. 3 bank, advanced 1.4 percent to C$54.73 after reporting earnings that topped the average analyst forecast by 2.5 percent.
Canadian Oil Sands slumped 7.4 percent to C$26.31 after saying it expects to declare a quarterly dividend of 20 cents a share next month. The company’s last three shareholder payouts have been 50 cents a unit, and Bloomberg analysts had forecast a dividend of 35 cents a share for next quarter. Analysts at Bank of Montreal and UBS AG cut their rating on Canadian Oil Sands units.
Western Coal Corp., which mines in Canada and the U.S., jumped 11 percent to a record C$11.42 after agreeing to an C$11.50-a-share takeover offer from Walter Energy Inc. Teck Resources Inc., Canada’s largest coal and base-metals producer, climbed for a fifth day, rallying 1.4 percent to C$54.80.
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