CANADA STOCKS-TSX slightly lower in seesaw session

Wed Nov 5, 2008 11:45am EST
 
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* TSX bounces back from early 1 percent loss

* Pressure from falling commodity prices fades

* Agrium up 4 pct as profit tops expectations

TORONTO, Nov 5 (Reuters) - The Toronto Stock Exchange's main index was slightly lower by late Wednesday morning as strong earnings from resource companies were counterbalanced by soft commodity prices.

Commodity prices pared early losses, alleviating pressure on the heavily weighted energy and materials sectors. The price of oil fell more than 3 percent to below $69 a barrel. [ID:nSYD424660]

The oil and gas group gained 0.38 percent, while the materials sector was up 1.13 percent.

Fertilizer producer Agrium Inc (AGU.TO: Quote) said third quarter profit topped analyst expectations. [ID:nN04258936] Agrium gained 4.35 percent to C$48, and was among the top net gain leaders.

Third-quarter profit at Enbridge Inc (ENB.TO: Quote) nearly doubled as Canada's No. 2 pipeline company benefited from one-time gains. [ID:nN04429230] Enbridge was up 12 Canadian cents at C$42.42.

Shortly after 11:20 a.m. (1620 GMT), the S&P/TSX composite index .GSPTSE was down 28.45 points, or 0.28 percent, at 10,088.13, bouncing back from a 1 percent drop at the open. Advancers and decliners were even among the index's 10 main groups.   Continued...