TORONTO, Nov 5 (Reuters) - Toronto’s main stock index may open lower as softer prices for key commodities oil and gold may put pressure on the resource-heavy index.
But company results could also influence, particularly as three of the country’s big insurers — Manulife (MFC.TO), Sun Life (SLF.TO) and Great-West Lifco (GWO.TO) — publish third-quarter results.
While complex provisions and one-time items are expected in the quarterly earnings of the life insurers, the bottom line is that they will stay profitable and their dividends appear safe.
The S&P/TSX composite index .GSPTSE hit a one-week high on Wednesday, spurred by strength in energy prices and a record bullion price. It finished up 45.30 points, or 0.41 percent, at 11,071.20.
Here is some of the news that may affect the market.
Sun Life Financial Inc reported a net loss, due mostly to a change to the assumptions it uses to value its books, but cited underlying strength as it maintained its dividend payout. [ID:nN04548767]
CANADIAN NATURAL RESOURCES
Third-quarter profit at Canadian Natural Resources (CNQ.TO) Ltd fell 77 percent as oil and gas prices plunged, Canada’s No. 2 independent oil explorer said. [ID:nBNG522815]
Canada’s Agrium Inc AGU.TO again sweetened its hostile bid for U.S. rival CF Industries (CF.N), the latest twist in a three-way takeover battle in the fertilizer sector. [ID:nN0599370]
Biovail Corp BVF.TO reported a lower third-quarter profit despite growing revenue, as restructuring charges hurt Canada’s biggest publicly traded pharmaceutical company. [ID:nN0599081]
COMPANY RESULTS IN BRIEF
* Manitoba Telecom MBT.TO Q3 results [ID:nWNAB0761]
* Quebecor Inc (QBRa.TO) Q3 results [ID:nWNAB0758]
* Canaccord Capital CCI.TO posts Q2 profit [ID:nBNG195674]
* Imax IMX.TO reports Q3 results [ID:nWNAB0868]
COMMODITY PRICES: OIL, GOLD SLIP
A firmer U.S. dollar pushed oil below $80 a barrel and gold prices retreated from the record highs they hit in the previous session. [O/R] [GOL/]
RESEARCH IN MOTION
BlackBerry maker Research In Motion Ltd RIM.TO RIMM.O said its board authorized a share buyback of up to $1.2 billion. [ID:nBNG285489]
The following is a selection of research actions on Canadian companies reported by Reuters on Thursday. For more, please double click [RCH/CA]:
* Credit Suisse cuts Industrial Alliance to “neutral” from “outperform”, while Genuity raises to “buy” from “hold”
* Blackmont, Genuity raise price target for Iamgold
($1=$1.06 Canadian) (Reporting by Ka Yan Ng; Editing by Theodore d’Afflisio)