TORONTO (Reuters) - The Toronto Stock Exchange's main index
was seen bouncing back on Wednesday from a thumping in the
previous session, with the help of rising commodities and a
higher profit outlook from heavyweight listing Agrium Inc
After plunging more than 220 points, the Canadian benchmark was set to get a lift from its resource sectors as key commodities oil, gas, gold and most base metals advanced.
In the materials sector, investors will weigh news that Agrium, the world's No. 3 nitrogen producer, expects to earn more than previously expected in the second quarter -- but also that it faces delays and a potential credit default at a project in Egypt.
The fertilizer-agriculture sector "has been one of the best-performing sectors of both the Canadian and the U.S. market ... with even the mid-tier stocks getting dragged along to the upside," said Bruce Latimer, trader at Dundee Securities, who noted Agrium shares were trading higher in pre-market action.
U.S. crude oil futures were up about 2 percent at $133.92 a barrel ahead of weekly data on U.S. energy inventories, which usually affects TSX energy stocks.
Spot gold was up about $8 an ounce, following the lead of oil.
Forzani Group
Elsewhere, Nortel Networks
Global stocks climbed in early action and U.S. stocks pointed higher as markets recovered from inflation worries that weighed over the last couple of days.
The S&P/TSX composite index starts the day at 14,736.20 after tumbling 224.56 points, or 1.5 percent, in the previous session, when the Bank of Canada unexpectedly left interest rates steady.
($1=$1.02 Canadian; Editing by Scott Anderson)
(Reporting by Jonathan Spicer)
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