Toronto Stocks May Struggle As Economy Remains Sluggish - Canadian Commentary

(RTTNews) - Bay Street stocks could see some weakness on Friday morning as data showed the Canadian economy contracted slightly in the month of August. Commodities are also lower after notable gains yesterday.

Statistics Canada reported real gross domestic product fell 0.1% in August. GDP was expected to rise 0.1%, after being flat in July.

On the commodity front, crude oil has dropped 62 cents to $79.25 per barrel, gold has slipped $4.30 to $1,042.80 and copper is down 2.85 cents to $3.001 per pound.

In earnings news, Tim Hortons (THI.TO) announced third quarter net income attributable to Tim Hortons of C$61.18 million or C$0.34 per share, compared to C$78.76 million or C$0.43 per share last year.

Centerra Gold (CG.TO) reported its third-quarter net earnings were US$20.2 million, 20% higher than US$16.9 million in the previous year. Earnings per common share for the recent quarter grew 15% to US$0.09 from US$0.08 a year ago.

Domtar Corp (UFS.TO) reported net earnings of US$183 million or US$4.24 per share for the third quarter, compared to US$43 million or US$1.00 per share for the third quarter of 2008.

GLG Life Tech Corp. (GLG.TO) said its third-quarter net income after income taxes and non-controlling interests was C$1.39 million compared with a loss of C$0.95 million in the comparable period. The company reported an earnings per share of C$0.02 versus a loss per share of C$0.01 for the quarter.

Eldorado (ELD.TO) reported its third-quarter net income was US$30.15 million or US$0.08 per share, compared with US$17.04 million or US$0.05 per share last year.

Imperial Oil (IMO.TO) reported its third quarter profit fell to C$547 million from C$1.38 billion in the year-ago period. On a per share basis, net income decreased to C$0.64 from C$1.57. Operating revenues declined to C$5.54 billion from C$9.47 billion.

On Thursday, the S&P/TSX Composite Index surged 269.89 points or 2.49% to settle at 11,075.22. This erased a 2% drop from Wednesday.

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