CANADA DAYBOOK: Toronto-Dominion Bank, CIBC Post Second-Quarter Results
ECONOMY: * Statistics Canada reports on first-quarter business profits as well as payrolls, earnings and hours at 8:30 a.m. * Prime Minister Stephen Harper is in France for the Group of Eight nations summit.
EVENTS: *Toronto-Dominion Bank, Canada’s second-largest bank by assets, is set to report second-quarter results around 6:30 a.m. The Toronto-based bank is expected to report profit per-share earnings, excluding one-items, of C$1.61. *Canadian Imperial Bank of Commerce, the country’s fifth-largest lender by assets, is scheduled to report second-quarter earnings at 6 a.m. in Toronto. The average profit estimate among 17 analysts in a Bloomberg survey is C$1.80 a share, excluding certain items. The bank will hold a call at 8 a.m. Toronto time. *National Bank of Canada (NA), Canada’s sixth-largest bank, is set to report second-quarter earnings around 7:30 a.m. The Montreal- based bank is estimated to report earnings, excluding one-time items, of C$1.67 a share, according to the average of 12 analysts in a Bloomberg survey. The bank may also increase its quarterly dividend, according to Bloomberg Dividend Forecasts. *Quebecor Inc., the majority owner of newspaper-publisher Sun Media Corp. and cable television provider Videotron Ltd., is to report first-quarter results. The average profit estimate among eight analysts in a Bloomberg survey is 54 Canadian cents a share, excluding certain items. *Group Aeroplan Inc. will discuss its earnings at a conference call at 8 a.m. and will hold its annual general meeting at 1:30 p.m. in Toronto. *The Financial Consumer Agency of Canada and the Organisation for Economic Co-operation and Development hold a global conference on financial literacy May 26 and 27 at the Westin Harbour Castle in Toronto. Speakers include BMO Nesbitt Burns Chairman Jacques Menard. *Sean Boyd, vice-chairman and chief executive officer of Agnico- Eagle Mines Ltd., Canada’s fourth-largest gold producer by market value, is to address the Goldman Sachs Basic Materials Conference at 10 a.m. in New York. *Canada’s Venture Capital & Private Equity Association begins its three-day annual conference at the Westin Bayshore Hotel in Vancouver.
MARKETS: *The S&P/TSX gained 1.2 percent to a three-week high of 13,751.47. *Yields on two-year Government of Canada bonds declined to 1.59 at 4:10 p.m. yesterday. *The Canadian dollar fell to 97.79 cents per U.S. dollar yesterday at 4:08 p.m. in Toronto.
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