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* Early pressure from commodity prices dissipates
* Agrium up 5 pct as profit tops expectations
TORONTO, Nov 5 (Reuters) - The Toronto Stock Exchange's main index turned positive on Wednesday morning as commodity prices cut losses, alleviating pressure on the heavily weighted energy and materials sectors.
The oil and gas group gained 0.38 percent, while materials shares were up 1.13 percent.
The oil price was off session lows and above $69 a barrel. The market was waiting for U.S. government data on crude oil stocks, which is expected to show a rise. [ID:nSYD424660]
In company news, fertilizer producer Agrium Inc (AGU.TO) said third quarter profit topped analysts' expectations. [ID:nN04258936] Agrium gained more than 7 percent to C$49.36.
Shortly after 10:20 a.m. (1520 GMT), the S&P/TSX composite index .GSPTSE was up 49.29 points, or 0.49 percent, at 10,165.87, clawing back from a 1 percent drop at the open.
Global equities markets were mixed after Barack Obama's victory in the U.S. presidential election, and focus now centers on steps he will take to lead the world out of financial crisis. [MKTS/GLOB] ($1=$1.15 Canadian) (Reporting by Ka Yan Ng; editing by Peter Galloway)