CANADA STOCKS-TSX may open higher on China data, Fed policy

Thu Oct 25, 2012 8:37am EDT
 
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Canada's main stock index looked set to open higher on Thursday, tracking global markets, as favorable Chinese factory data and signals that the Federal Reserve would keep stimulating U.S. growth brightened the outlook for Canadian equities.

TOP STORIES

* Potash Corp of Saskatchewan reported a 22 percent drop in third-quarter earnings, just below analysts' expectations, as sales of its namesake crop nutrient to China and India slipped, the company said.

* Nexen said it still expects a $15.1 billion takeover bid by China's CNOOC Ltd to close in the current quarter.

* Cenovus Energy Inc, Canada's No. 2 independent oil producer, reported a 43 percent rise in third-quarter operating profit on higher production.

* Procter & Gamble Co posted a first quarterly profit and maintained its key earnings forecast for the year as the world's largest household products maker cut costs and narrowed its focus on key markets, products and countries.

* Precision Drilling said third-quarter profit fell 53 percent on reduced oil and gas drilling activity in North America and that demand will remain weak if natural gas prices don't recover.

* Imax third-quarter profit rose 79 percent, driven mainly by strong box office revenue and continued network growth globally.

MARKET SNAPSHOT   Continued...