Canadian News
Jobs Data Could Drag Toronto Stocks Lower - Canadian Commentary
11/6/2009 9:12 AM ET
(RTTNews) -
Bay Street stocks could give back some recent gains on Friday morning following disappointing jobs reports from both sides of the border.
Following two months of moderate growth, Statistics Canada said Friday morning that employment decreased by 43,000 in October, all in part time. This drop pushed the unemployment rate up 0.2 percentage points to 8.6%.
Across the border, the Labor Department report showed that US unemployment rose to 10.2% as non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September.
Energy stocks could come under pressure as crude oil has dropped $2.01 to $77.61 per barrel. Copper is down 2.3 cents to $2.934, while gold has given back most of its early gains, rising $1.50 to $1,090.80.
Suncor (SU.TO) reported third-quarter earnings of C$929 million for the recent quarter, compared to C$815 million last year. On a per share basis, earnings fell to C$0.74 from C$0.86 in the year-ago quarter.
Air Canada (AC-A.TO, AC-B.TO) reported that its third-quarter net income was C$277 million or C$2.44 per share, compared to a loss of C$132 million or C$1.32 per share in the same quarter last year.
Kingsway Financial Services Inc. (KFS.TO) reported third quarter net loss of US$118.13 million or US$2.19 per share, compared to net loss of US$17.4 million or US$0.32 per share last year.
CF Industries Holdings (CF) announced that its board has rejected Agrium Inc.'s (AGU.TO) latest revised proposal to acquire all outstanding shares of CF Industries for $92.99 apiece.
Yesterday, the S&P/TSX Composite Index rose 109.5 points or 0.98% to settle at 11,180.70. The market gained for a third straight session to move off of a two-month low.
by RTT Staff Writer
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