Futures tracking the S&P/TSX Composite Index were little changed on Thursday, as strong results from major banks offset weakness in energy producers. RBC and TD Bank both topped fourth-quarter profit estimates, while CIBC reported a 47% increase in annual earnings.
In contrast, energy stocks came under pressure as oil prices retreated, weighed down by Iran’s pledge to show flexibility in nuclear negotiations and the prospect of increased output from OPEC+. Gold inched higher, providing modest support to mining shares.
After the previous session’s close, CCL Industries missed fourth-quarter revenue expectations, whereas Stantec exceeded profit forecasts. Elsewhere, Nvidia’s upbeat outlook for first-quarter revenue continued to bolster North American technology stocks, lending additional support to names such as Shopify.
