Welcome lift: Toronto-Dominion Bank chairman Alan MacGibbon speaks at a meeting in Toronto, Ontario. The bank managed to come in ahead of analyst expectations in its results last Thursday, boosting Canada’s long-suffering bank stocks. — Bloomberg
TORONTO: Investors up and down Toronto’s Bay Street are increasingly betting on a June rate cut in Canada, potentially giving a boost to Canada’s long-suffering bank stocks.
The S&P/TSX Banks index has gone up just 0.9% this year, compared with a 6.7% gain for Canada’s benchmark S&P/TSX Composite, amid concern that a combination of high interest rates, a wave of mortgage renewals and rising loan losses will challenge the group.
