TSX flat as energy shares erode early rally
TORONTO (Reuters) - Toronto's main stock index was flat on Monday morning as a slide in EnCana Corp and several other oil stocks offset an early rally driven by heavyweight bank shares. A handful of energy players weighed on the index as oil prices eased from a year high above $79 a barrel as traders questioned whether current price levels are justified given ample fuel supplies.
Dollar extends gains ahead of rate announcement
TORONTO (Reuters) - The Canadian dollar was higher against the greenback on Monday afternoon, rising on firm commodity prices and ahead of the Bank of Canada's interest rate announcement on Tuesday. The rally was aided also by a weaker U.S. dollar as investors bet the Federal Reserve will hold U.S. interest rates near zero well into next year.
Terra sees profit slide, potential plant buy
NEW YORK/TORONTO (Reuters) - Fertilizer maker Terra Industries Inc said on Monday weak agricultural and industrial demand would shrink its quarterly earnings by 74 percent, pushing its shares lower in early trading. Terra also announced it would buy a 50 percent stake in a nitrogen fertilizer plant for $250 million from Agrium Inc if Agrium was able to complete a hostile takeover of rival CF Industries .
QLT gets rights to sell Visudyne in US
(Reuters) - Canadian eye-care company QLT Inc said it restructured its pact with Novartis Pharma AG , giving it exclusive rights to sell anti-blindness treatment Visudyne in the United States. The company, which shares revenue from Visudyne sales with global marketing partner Novartis, said it will also have rights to all end-user revenue derived from Visudyne sales in the country.
China to build huge potash base in Canada: report
BEIJING (Reuters) - China's Zhongchuan International Mining Corp, has signed a deal to build a huge potash base in the Canadian province of Saskatchewan to ease its own tight supply of the fertilizer, the official Xinhua news agency said on Monday. The deal will allow the private Chinese mining firm to explore potash in an area covering 96 square kilometers, with an expected annual production capacity of 3 million tons, Xinhua said, without naming its source for the information.
New Gold Q3 gold sales rise 16 percent
(Reuters) - New Gold Inc reported a 16 percent rise in quarterly gold sales, and the mid-sized gold miner maintained its 2009 gold production forecast. Gold sales rose to 77,645 ounces in the third quarter from 67,156 ounces in the same period a year ago, helped by higher production at Cerro San Pedro mine in Mexico and Peak mines in Australia.
Shares of Silicon producer Timminco soar again
VANCOUVER, British Columbia (Reuters) - Shares in Timminco Ltd soared for a second day on Monday after the Canadian silicon maker's twin announcement last Friday of improved shipment figures to the solar energy market and an increase in non-solar metal production. Timminco's stock rocketed as much as 78 percent to C$3.08 on the Toronto Stock Exchange in heavy trade on Monday, possibly on short-covering in anticipation that the stock will rise more, Clarus Securities analyst Carolina Vargas said.
Potash Corp shares rise on takeover speculation
TORONTO (Reuters) - Shares of Potash Corp of Saskatchewan rose 5 percent on Monday, after a research report touted the idea that mining giant BHP Billiton could afford making an all-cash bid for the world's largest fertilizer maker. Bank of America Merrill Lynch analyst Jason Fairclough suggested that an all-cash bid for Potash Corp at a 30 percent premium could add to BHP earnings by 13 percent within a year or two of closing an acquisition.
Wesdome Gold Mines boosts 2009 production view
BANGALORE (Reuters) - Wesdome Gold Mines Ltd raised its annual production outlook, citing strong gold production and bullion sales in the third quarter, sending its shares up 5 percent. The company said it expects to produce more than 90,000 ounces of gold in 2009. In August, Wesdome had projected production of 80,000 ounces of gold.
Oil hits 1-year high above $79, eyes equities
NEW YORK (Reuters) - Oil prices rose more than 1 percent toward $80 a barrel on Monday as stronger company earnings raised optimism about the economy, outweighing weak fundamentals. U.S. crude for November delivery settled up $1.08 at $79.61, the highest settlement since October 13, 2008. London Brent crude rose 78 cents to settle at $77.77.
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