TSX worked out another record high as the bank earnings impress

* TSX ends with 0.1%, at 26,283.45 * Posts New record includes high * BMO profits 1.5% and the National Bank adds 3.8% * added financial jumps 11.3%. (Updates at Market Close) by Fergal Smith May 28 (Reuters) – Canada’s most important stock index increased to a record height on Wednesday, as investors cheered quarterly earnings from some of the largest banks of the country and assessed the prospects of consolidation in the insurance sector. The Toronto Stock Exchange’s S&P/TSX compound index finished 14.45 points, or 0.1%, at 26,283.45, with the eclipse of Tuesday’s record high. Wall Street shares ended lower when investors consumed minutes from the last Federal Reserve meeting and the results of AI Bellwether Nvidia waited. “The big story today is the banks,” says Colin Cieszynski, main market strategist at Sia Wealth Management. “Banking earnings were very impressive in light of the risks the Canadian economy is facing at the moment.” Canada sends 75% of its exports to the United States, so that the economy can be injured especially in a global trade war. Bank of Montreal, Canada’s third largest lender, and the National Bank of Canada beat the estimates of quarterly earnings analysts. Their share prices rose 1.5% and 3.8% respectively. Canadian real estate and casualty insurer Definity Financial’s purchase of $ 2.4 billion travelers, COS’s Canadian company, could spur a wave of consolidation in Canada’s insurance sector, his CEO said. Shares of Definity Financial jumped 11.3%. The heavily weighted financial sector added 0.2% and the material group, which included metal mining stocks, rose 0.6%. Technology has lost 0.3%, while the energy ended 0.7% despite higher oil prices. US crude oil futures rose 1.6% when OPEC agreed to leave their output policy unchanged and the US prevented Chevron CVX. (Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; editing by Shilpi Majumdar, Sahal Muhammad and Alistair Bell)