By Commodity News Service Canada
July 27 (CNS Canada) – The Canadian dollar was trading higher this morning at US$0.8010 at 8:36 CDT (C$1.2484 per US$1). The increase was credited to oil price gains made the previous day as U.S. inventories were drawn down further than anticipated. The loonie closed Wednesday at US$0.7996 (C$1.2505 per US$1).
Maple Leaf Foods Inc. has reported a 19 per cent in quarterly profit, aided by demand for pork. Net earnings rose to C$37.3 million, 28 cents per share, compared to C$31.4 million and 23 cents per share in the same quarter a year ago. Sales at the meat-packing company rose to C$925.9 million from C$854.8 million.
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Potash Corp of Saskatchewan posted better-than-expected earnings Thursday with improvements in sales. Sales of potash were up 11.2 per cent to 2.4 million tonnes in the second quarter, which ended June 30. The company posted a US$201 million profit for the quarter, helped by a one-time tax provision. That compares to a profit of C$121 million or 14 cents a share in the same quarter a year ago. Sales totaled US$1.12 billion, up from US$1.05 billion last year. PotashCorp. expects to complete a merger deal with fertilizer giant Agrium in the third quarter this year.
Cenovus Energy reports a second quarter net profit of C$2.1 billion, or C$2.37 per share, compared to a loss of C$267 million for five cents a share in the same quarter a year ago. Revenue climbed to C$4.04 billion for the quarter ending June 30, compared to C$2.75 a year ago. The company said its purchase of ConocoPhillips’ oil sands assets for C$13.3 billion in March increased output to almost 437,000 barrels per day in the quarter.
WTI Crude oil was at US$48.73 this morning, down two cents U.S., or 0.04%.
The S&P/TSX was up 53.79 points (0.35%) to 15,225.18 at 9:30 a.m. CDT. The Toronto index was expected to make gains throughout the day, driven by stronger demand for commodities. At the open, all 10 sectors were higher.
