Scotiabank: Canadian Stocks May be Headed for Another Leg Higher

Canada’s stock market may be headed for another leg higher as corporate earnings approach fresh record levels, according to Scotiabank strategists. The firm projects that third-quarter profits for companies on the S&P/TSX Composite Index could surpass the previous record of $405 per share, with consensus forecasts already nearing $400. Scotiabank analysts said strong U.S. bank earnings are a positive sign for Canadian financial institutions, which make up about 30% of the TSX index. Canada’s major banks a ...