November 5, 2008 / 4:50 PM / 9 years ago

CANADA STOCKS-TSX slightly lower in seesaw session

* 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) 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) 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.

“We certainly gapped lower at the open. We’ve had a couple of good earnings come out,” said Steve Ibel, institutional equities trader at Beacon Securities, in Halifax, Nova Scotia.

“I think we’re seeing crude moderately weaker and gold is pretty much flat. That’s helping as well.”

Global equity markets were mixed after Barack Obama’s victory in the U.S. presidential election, and focus now centers on the steps he will take to lead the world out of financial crisis. [MKTS/GLOB] ($1=$1.16 Canadian) (Reporting by Ka Yan Ng; editing by Rob Wilson)

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