TORONTO, Nov 6 (Reuters) - Toronto's main stock index may
fall on Friday after a pair of disappointing jobs reports from
Canada and the United States suggested the economic recovery
may be bumpy.
Canada's corporate results calendar is also a key focus, as
some of its biggest companies in the energy, airline, and
telecoms sector post quarterly statements.
The S&P/TSX composite index .GSPTSE finished up 0.99
percent at 11,180.70 on Thursday, with all of its 10 main
groups higher.
Here is some of the news that may affect the market:
JOBS DATA
Canada's economy unexpectedly lost 43,200 jobs in October
after two months of gains, pushing the jobless rate up to 8.6
percent from 8.4 percent. [ID:nN06253705]
U.S. employers cut a deeper-than-expected 190,000 jobs in
October, government data showed on Friday, driving the
unemployment rate to 10.2 percent, the highest in 26-1/2 years.
[ID:nN04495174]
SUNCOR
Suncor Energy Inc's (SU.TO) third-quarter operating profit
fell 64 percent as oil and gas prices sank in its first
quarterly reporting period including results from Petro-Canada
assets it acquired in August. Suncor became Canada's biggest
energy company following the takeover. [ID:nBNG82588]
TELUS
Telus Corp (T.TO), Canada's No. 2 phone company, posted a
lower quarterly profit on Friday and cut its earnings outlook
for the year because of the weak economy. [ID:nN05129869]
AIR CANADA
Air Canada (ACa.TO)(ACb.TO), the country's biggest carrier,
reported a third-quarter loss on an adjusted basis, hurt by
lower passenger revenue, and said it does not expect to see a
full recovery for another 12 months to 18 months.
[ID:nBNG170012]
AGRIUM
U.S. fertilizer maker CF Industries (CF.N) said its board
rejected rival Agrium Inc's (AGU.TO) sweetened bid worth about
$4.5 billion, arguing the proposal substantially undervalues
the company. CF has been fending off Agrium's hostile bid since
February. [ID:nN06175328]
COMMODITY PRICES
Gold rose, boosted by the prospect of central banks buying
the precious metal to diversify their reserves, while oil fell
2.6 percent to below $78 a barrel [GOL/] [O/R]
MAGNA
Magna International (MGa.TO)(MGA.N) is not looking at
taking over any other automakers following the collapse of its
deal to buy a stake in General Motors Co's [GM.UL] European
operations, the auto parts maker's co-CEO said. The company
also unexpectedly posted a profit, driven by cost cuts and
restructuring initiated late last year in response to the chaos
in the auto market. [ID:nN05321916]
* UBS raises Magna International to "buy" from "neutral"
* RBC cuts price target, Genuity raises price target
COMPANY RESULTS IN BRIEF
* Brookfield Asset Management (BAMa.TO) Q3 results
[ID:nWNAB2066]
* Kingsway Financial (KFS.TO) posts quarterly loss
[ID:nBNG173419]
* Thompson Creek (TCM.TO) profit dives on weak moly price
[ID:nN05147208]
* Cascades (CAS.TO) posts better-than-expected Q3 profit
[ID:nBNG522880]
RESEARCH ROUNDUP: CANADIAN INSURERS
The following is a selection of research actions on
Canadian insurers after two of Canada's big life insurers
unveiled surprise losses on Thursday, while a third reported a
smaller-than-expected profit. [ID:nN05115880]
* Manulife Financial (MFC.TO): Credit Suisse raises to
"neutral" from "underperform." Genuity and Barclays cut price
target. RBC raises to "outperform" from "sector perform."
* Sun Life Financial (SLF.TO): Genuity cuts price target,
rating "buy"
* Great-West Lifeco (GWO.TO): Genuity cuts price target,
rating "hold"
For other research actions on other Canadian companies
reported by Reuters on Friday, please double click [RCH/CA]
(Reporting by Ka Yan Ng; Editing by James Dalgleish)
