November 5, 2008 / 2:07 PM / 9 years ago

CANADA STOCKS-Toronto index may be mixed on resources

3 Min Read

TORONTO, Nov 5 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE is seen slipping at the open as strong quarterly profits from the heavily-weighted energy and materials sectors may be offset by sliding prices of resources.

Global equities markets were mixed as Barack Obama claimed a historic victory in the U.S. presidential election as focus now centers on how he will lead the world out of the global financial crisis. [MKTS/GLOB]

The TSX closed on Tuesday above 10,000 for the first time in two weeks as resource issues rallied with climbing commodity prices.

Here is some of the news that could affect the market.

Agrium Profits Surges

Agrium Inc (AGU.TO) said third-quarter profit topped analyst expectations and the company widened its outlook for the second half of the year amid turmoil in the global economic and commodity markets. [ID:nN04258936]

Enbridge Profit Nearly Doubles

Third-quarter profit at Enbridge Inc (ENB.TO) nearly doubled as Canada's No. 2 pipeline company benefited from one-time gains. [ID:nN04429230]

Yamana Gold Profit Soars

Yamana Gold's (YRI.TO) third quarter profit jumped as gold and copper production increased, the company said late on Tuesday. Adjusted earnings fell short of the average forecast of analysts polled by Reuters. [ID:nN04494255]

Oil Slides, Gold Under Pressure

Oil fell more than 2 percent to below $68 a barrel, while gold also fell, as prices were pressured by U.S. dollar firmness after Obama's win. [ID:nL5544119] Market watchers are also waiting for U.S. government data on crude oil stocks, which is expected to show a rise. [ID:nSYD424660]

Timber Companies Cut Production

Canadian forestry firms Domtar Corp UFS.TO and Tembec Inc (TMB.TO) announced pulp and paper production cuts, citing weak markets and economic conditions. [ID:nN04548778]

Domtar reported higher profit and strong cash flow from operations despite lower volumes [ID:nWNAB8032]

Magna International Cut

RBC and UBS cut their price targets on Magna International MGa.TO, the day after the auto-parts maker slashed its sales and production forecast and halved its dividend following a quarterly loss.

For a summary of research on Canadian companies, double-click on [RCH/CA] ($1=$1.15 Canadian) (Reporting by Ka Yan Ng; Editing by James Dalgleish)

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