Bank of Montreal's (BMO.TO) quarterly profit rose by a higher-than-expected 18 percent as capital markets income surged and a recent U.S. acquisition started to contribute, Canada's No. 4 lender said on Tuesday. The results, the first in a wave of Canadian bank reports due over the next two weeks, drove bank stocks higher in anticipation of strong results from BMO's rivals. "They beat expectations on all the main factors, which is not only positive for BMO, but bodes well for the group," said John Aiken, an analyst at Barclays Capital. BMO's stock climbed 4.3 percent to C$59.80 on the Toronto Stock Exchange, and shares of other Canadian banks also rose.
Shares of BMO traded higher by 4.56% or $2.64/share to $60.48. In the past year, the shares have traded as low as $51.11 and as high as $66.64. On average, 1184120 shares of BMO exchange hands on a given day and today's volume is recorded at 1908033.
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