CANADA STOCKS-TSX may open lower as Potash Corp earnings tumble
TORONTO Jan 28 (Reuters) - Toronto's main stock index could open lower on Thursday as disappointing results from Potash Corp (POT.TO: Quote) and weak industrial metal prices weigh on the market, but losses could be offset by a boost in oil and gold.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE could also follow world equities higher, which rallied after U.S. President Barack Obama, in his State of the Union address late on Wednesday, focused on job creation rather than any concrete details of banking reforms which have spooked financial markets. [MKTS/GLOB]
Canadian stocks finished lower on weak resources on Wednesday, staving off a late-session rally by Research In Motion RIM.TO and financial shares.
Here is some of the news that may affect the market:
Potash Corp of Saskatchewan (POT.TO: Quote), the world's largest fertilizer maker, said that fourth-quarter earnings fell almost 70 percent as pricing of key crop nutrients like potash and phosphate have declined sharply from a year ago. [ID:nN28196679]
CP NET INCOME UP
Canadian Pacific Railway CP.TO said that fourth-quarter net income rose slightly due to lower operating expenses. [ID:nN28145476]
OIL RISES Continued...