TSX makes broad gains as oils, golds surge
TORONTO (Reuters) - Toronto's main stock index climbed broadly on Wednesday morning as strength in commodity prices boosted oil companies Canadian Natural Resources and Suncor Energy and other resource shares. Suncor was among the top gainers, rising 1.6 percent to C$35.51, while Canadian Natural was up 1.9 percent at C$70.34 as the price of oil approached $81 a barrel.
TransCanada profit drops on weak power results
CALGARY, Alberta (Reuters) - TransCanada Corp , the country's biggest pipeline and power company, said third-quarter profit fell 12 percent as electricity prices and demand eased. The company on Wednesday said net income fell to C$345 million, or 50 Canadian cents per share, from C$390 million, or 67 Canadian cents, a year earlier.
GM's U-turn on Opel sale angers Germany, Russia
FRANKFURT/BERLIN (Reuters) - German and Russian leaders seethed and unions tore up a deal to cut costs in protest at General Motors' "completely unacceptable" decision to keep Opel, its European unit, after months of talks. Labor leader Klaus Franz rescinded hundreds of millions of euros in cost concessions that workers agreed to on condition that Opel was bought by Magna , the Russian-backed Canadian group long backed as buyer by Berlin and Moscow.
Torstar offers severances as profit softens
TORONTO (Reuters) - Book and newspaper publisher Torstar Corp plans to cut editorial jobs at Canada's biggest newspaper after reporting a weak quarterly profit. The company, which publishes the Toronto Star, is asking employees to consider voluntary severance packages, the company said on a conference call with analysts.
Bank of Canada repeats warning on dollar effect
OTTAWA (Reuters) - The Bank of Canada on Wednesday repeated its message that the strong Canadian dollar would probably offset positive economic developments since July and that it could expand the money supply if needed. Deputy Governor John Murray said in the prepared text of a speech he was giving in British Columbia that growth had resumed in Canada after three quarters of sharp contraction.
Industrial Alliance profit jumps 17 percent
TORONTO (Reuters) - Profit rose 17 percent at Industrial Alliance Insurance and Financial Services in the third quarter as the stock market upswing boosted earnings at Canada's fourth-largest life insurer. The company said on Wednesday that net income was C$60.1 million ($56.7 million), or 74 Canadian cents a share, in the three months ended September 30. That was up from C$51.2 million, or 63 Canadian cents a share, in the same 2008 period.
Enbridge Q3 profit tops estimate, raises outlook
(Reuters) - Enbridge Inc , Canada's No. 2 pipeline company, reported a better-than expected third-quarter profit and raised its full-year adjusted earnings outlook on strength in its liquid pipelines and natural gas businesses. The company expects full-year earnings of C$2.30 to C$2.36 a share, an increase of more than 20 percent over last year. It had previously expected C$2.18 to C$2.32 per share.
Molson Coors profit tops view, volume slips
CHICAGO (Reuters) - Molson Coors Brewing Co reported a bigger-than-expected rise in quarterly profit, helped by cost cuts and price increases, but volumes fell as the beer industry sees a slowdown in consumer spending. The results echoed reports by MillerCoors, Molson's U.S. joint venture with SABMiller Plc , and by Carlsberg , the fourth-biggest brewer. Shares of Molson Coors fell 3 percent.
WestJet earnings drop 46 percent on weak demand
TORONTO (Reuters) - WestJet Airlines Ltd posted a 46 percent decrease in third-quarter earnings on Wednesday as the Canadian airline struggled with weak consumer confidence and heightened competition in the industry. Canada's No. 2 airline reported earnings of C$31.4 million ($29.6 million), or 24 Canadian cents a share, for the three months to end-September, down from a profit of C$57.9 million, or 45 Canadian cents, in the same period a year earlier.
Agrium third-quarter profit plummets
TORONTO (Reuters) - Canadian fertilizer maker and agricultural products retailer Agrium Inc reported a 93 percent plunge in its third-quarter profit on Wednesday, largely due to lower prices and margins on crop nutrient sales. Agrium, which is locked in a lengthy battle to take over U.S. rival CF Industries Holdings Inc , said it earned $26 million, or 16 cents a share in the quarter, compared with a year-earlier profit of $367 million, or $2.31 a share.
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