Canada’s Stocks May See Another Profit Record, Scotiabank Says

Canada’s stock rally appears likely to get a boost from corporate profits, with Scotiabank predicting that the earnings of the biggest publicly traded companies may have jumped to another record during the third quarter.

The firm’s strategists said the strong quarterly reports from US banks bode well for their Canadian counterparts, which account for 30% of the stocks in S&P/TSX Composite. At the same time, mining companies, which also have a big weighting in the index, are poised to gain from the surge in gold prices.