Resource Stocks Could Pull TSX Lower - Canadian Commentary

(RTTNews) - Canadian stocks could see early weakness on Wednesday as lower commodity prices could weigh on the resource sectors. The market has moved near a four-week high in recent days.

Crude oil has dropped 96 cents to $78.13 as investors await the Energy Information Administration’s weekly inventory report later this morning. Gold is down $6.80 to $1,051.80 per ounce and copper has slipped 1.1 cent to $2.921 per pound.

In corporate news, Canadian National Railway (CNR.TO) reported net income of C$461 million or C$0.97 per share for the third quarter, compared to C$552 million or C$1.16 per share in the year-ago quarter. The stock rose 0.5% during the session.

Dynasty Metals & Mining (DMM.TO) announced that it has entered into deal with a syndicate of underwriters to sell 1.5 million common shares at $4.00 per common share for gross proceeds of $6 million on a bought deal private placement basis. Closing of the offering is anticipated to occur on or before November 3.

Ivanhoe Energy Inc. (IE.TO) announced the appointment of David Dyck as President and CEO of Ivanhoe Energy Canada.

TransAlta Corp. (TA.TO) said its subsidiary has acquired 87% of Canadian Hydro Developers (KHD.TO) for $5.25 cash per share.

SemBioSys Genetics (SBS.TO) announced it will acquire a 10% stake in Advitech (AVI.V).

On Tuesday, the S&P/TSX Composite Index edged down 0.27 point to finish at 11,538.12. The market finished Monday at its best level since September 22.

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