First-quarter earnings season is well underway in North America, and results have been largely positive. High-quality, high-yield Canadian stocks are again reporting numbers that strongly recommend their ability to cushion stock market corrections and help you build wealth over the long term. Although the market has sold off in recent days, responding to short-term economic, currency and oil inventory data and a corresponding flight from the commodity complex, the long-term factors driving Canada’s rise to global economic prominence remain in place. Job growth north of the border is robust, rankings from Bloomberg Markets confirm the strength of the financial system and demand for oil from emerging markets continues to grow.
One group we follow with great interest but that isn’t represented in the CE Portfolio is Canada’s Big Six banks. National Bank of Canada (TSX: NA, OTC: NTIOF), the smallest of and most recent addition to the Big Six, is third-strongest bank in the world. Canadian Imperial Bank of Commerce (TSX: CM, NYSE: CM) is No. 4. Toronto-Dominion Bank (TSX: TD, NYSE: TD, No. 12), Royal Bank of Canada (TSX: RY, NYSE: RY, No. 17) and Bank of Montreal (TSX: BMO, NYSE: BMO, No. 19) also made the top 20.
Source: Investing Daily
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