November 6, 2009 / 2:01 PM / 9 years ago

CANADA STOCKS-Toronto stocks may fall on soft jobs data

 TORONTO, Nov 6 (Reuters) - Toronto’s main stock index may fall on Friday after a pair of disappointing jobs reports from Canada and the United States suggested the economic recovery may be bumpy.
 Canada’s corporate results calendar is also a key focus, as some of its biggest companies in the energy, airline, and telecoms sector post quarterly statements.
 The S&P/TSX composite index .GSPTSE finished up 0.99 percent at 11,180.70 on Thursday, with all of its 10 main groups higher.
 Here is some of the news that may affect the market:
 Canada’s economy unexpectedly lost 43,200 jobs in October after two months of gains, pushing the jobless rate up to 8.6 percent from 8.4 percent. [ID:nN06253705]
 U.S. employers cut a deeper-than-expected 190,000 jobs in October, government data showed on Friday, driving the unemployment rate to 10.2 percent, the highest in 26-1/2 years. [ID:nN04495174]
 Suncor Energy Inc’s (SU.TO) third-quarter operating profit fell 64 percent as oil and gas prices sank in its first quarterly reporting period including results from Petro-Canada assets it acquired in August. Suncor became Canada’s biggest energy company following the takeover. [ID:nBNG82588]
 Telus Corp (T.TO), Canada’s No. 2 phone company, posted a lower quarterly profit on Friday and cut its earnings outlook for the year because of the weak economy. [ID:nN05129869]
 Air Canada ACa.TOACb.TO, the country’s biggest carrier, reported a third-quarter loss on an adjusted basis, hurt by lower passenger revenue, and said it does not expect to see a full recovery for another 12 months to 18 months. [ID:nBNG170012]
 U.S. fertilizer maker CF Industries (CF.N) said its board rejected rival Agrium Inc’s AGU.TO sweetened bid worth about $4.5 billion, arguing the proposal substantially undervalues the company. CF has been fending off Agrium’s hostile bid since February. [ID:nN06175328]
 Gold rose, boosted by the prospect of central banks buying the precious metal to diversify their reserves, while oil fell 2.6 percent to below $78 a barrel [GOL/] [O/R]
 Magna International MGa.TO(MGA.N) is not looking at taking over any other automakers following the collapse of its deal to buy a stake in General Motors Co’s [GM.UL] European operations, the auto parts maker’s co-CEO said. The company also unexpectedly posted a profit, driven by cost cuts and restructuring initiated late last year in response to the chaos in the auto market. [ID:nN05321916]
 * UBS raises Magna International to “buy” from “neutral”
 * RBC cuts price target, Genuity raises price target
 * Brookfield Asset Management (BAMa.TO) Q3 results [ID:nWNAB2066]
 * Kingsway Financial KFS.TO posts quarterly loss [ID:nBNG173419]
 * Thompson Creek TCM.TO profit dives on weak moly price [ID:nN05147208]
 * Cascades (CAS.TO) posts better-than-expected Q3 profit [ID:nBNG522880]
 The following is a selection of research actions on Canadian insurers after two of Canada’s big life insurers unveiled surprise losses on Thursday, while a third reported a smaller-than-expected profit. [ID:nN05115880]
 * Manulife Financial (MFC.TO): Credit Suisse raises to “neutral” from “underperform.” Genuity and Barclays cut price target. RBC raises to “outperform” from “sector perform.”
 * Sun Life Financial (SLF.TO): Genuity cuts price target, rating “buy”  
 * Great-West Lifeco (GWO.TO): Genuity cuts price target, rating “hold”
 For other research actions on other Canadian companies reported by Reuters on Friday, please double click [RCH/CA]  (Reporting by Ka Yan Ng; Editing by James Dalgleish)                                      

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