TORONTO (Reuters) - Bank of Nova Scotia BNS.TO reported a quarterly profit that beat market expectations on Friday and outlined a plan to buy back shares as earnings grew at its Canadian banking division.
Even as housing prices rise, Canadians are showing strong ability to manage their debts with arrears on CMHC mortgages at a low 0.34 per cent for the first quarter of this year, according to new figures from the federal housing agency.
If there ever was a contraction in the economy the Federal Reserve could look beyond, the drop in first-quarter gross domestic product was it.
Altera Corp. shares touched a 14-year intraday high after the New York Post reported that Intel Corp. is near a deal to buy the semiconductor maker for about $15 billion.
Canada's main stock index dipped on Friday, with heavyweight banks tipping the scales to the downside amid broad pessimism about domestic economic growth and the uncertain outlook for industries tied to energy.