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CA-BUSINESS Summary

12/05/09

TSX flat as financials offset golds

TORONTO (Reuters) - Toronto's main stock index was unchanged on Tuesday morning as weakening financials offset firm commodities. The TSX shot higher at the opening bell, rising nearly 1 percent in a broad-based rally, led by resource-related issues.

Oil hits $60 for first time in 6 months

LONDON (Reuters) - Oil prices hit $60 a barrel on Tuesday for the first time in six months, boosted partly by a weak dollar and gains on equity markets. But prices retreated from their highs when U.S. equity markets turned negative <.N>

Low energy imports hike March trade surplus

OTTAWA (Reuters) - Substantially lower energy imports helped boost Canada's trade surplus in March to C$1.11 billion ($953 million), more than double analysts' expectations, from C$262 million in February. Statistics Canada said on Tuesday that energy imports had fallen by 18.4 percent during the month, most of it in volume terms and concentrated in aviation fuel. Energy exports, mostly to the United States, fell by only 1.4 percent.

CAW says working for GM deal, but no guarantees

TORONTO (Reuters) - The Canadian Auto Workers union said on Tuesday it was working hard to find steep new concessions at General Motors Corp ahead of a government imposed deadline of May 15, but there are no guarantees that a deal will be reached. The union said at the end of last week that the Canadian government warned that without the concessions, GM would be forced to liquidate its Canadian operations.

George Weston profit boosted by bakery sale gain

TORONTO (Reuters) - George Weston Ltd reported a higher first-quarter profit on Tuesday, as it booked a big gain from the sale of its U.S. fresh bakery business, and said it was still deciding what to do with the proceeds from its divestitures. Weston, North America's largest baked goods maker and owner of top Canadian supermarket chain Loblaw , said it earned C$863 million ($745 million), or C$6.61 a share, compared with C$131 million, or 91 Canadian cents a share, a year earlier.

GM shares fall to 76-year low after execs dump stock

DETROIT (Reuters) - General Motors Corp stock plunged more than 22 percent to a 76-year low on Tuesday, a day after a group of GM executives disclosed they had sold shares in the struggling automaker. Six GM executives, led by former GM Vice Chairman and product chief Bob Lutz, disclosed on Monday that they sold almost $315,000 in stock and liquidated their remaining direct holdings in the automaker.

Groupe Aeroplan posts lower first-quarter profit

(Reuters) - Groupe Aeroplan Inc on Tuesday posted a lower quarterly profit and said current market conditions, with reduced consumer expenditures, make it difficult to predict 2009 performance. Groupe Aeroplan, best known as Air Canada's frequent flier program operator, expects to see a modest consolidated growth in gross billings for the full year 2009, assuming no further deterioration of economic conditions.

Russia's GAZ confirms interest in Magna-Opel JV

MOSCOW (Reuters) - Russian carmaker GAZ said on Tuesday it would be interested in creating a joint venture with Canadian auto parts maker Magna and Opel, should the latter be acquired by a group of investors. Canadian auto parts maker Magna and Italy's Fiat have been looking at GM's European business, centered around Opel.

Quadra Mining quarterly profit tumbles

TORONTO (Reuters) - Quadra Mining said on Tuesday its first-quarter profit fell 66 percent amid the global economic downturn, as the company realized lower average copper prices in the quarter. The Canadian copper miner, which last month closed its acquisition of Centenario Copper, earned $26.7 million, or 40 cents a share, in the quarter that ended March 31.

Dollar higher, but off peak hit on trade data

TORONTO (Reuters) - The Canadian dollar was higher versus the U.S. dollar on Tuesday morning but off the high it hit after data showed Canada's March trade surplus was more than double what the market had expected. The Canadian dollar rallied as high as C$1.1540 to the U.S. dollar, or 86.66 U.S. cents, moments after the data, which put if comfortably above C$1.1658 to the U.S. dollar, or 85.78 U.S. cents, at Monday's close.

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