Thursday, June 12, 2008

Reuters Canada Business Summary

Strength of loonie link to oil price tested

TORONTO (Reuters) - Is the Canadian dollar actually a petrodollar or is its link to record-high oil prices tenuous and temporary? No clear answer emerged at investment conference in Toronto on Wednesday, but both sides of the argument were broached vehemently.

Toronto stocks clipped by economic fears

TORONTO (Reuters) - The Toronto Stock Exchange's main index closed lower for the fourth day in a row on Wednesday, as support from agriculture and other resource companies was offset by worries over inflation. Shares of Agrium touched a record high after the company raised its profit outlook amid strong sales of fertilizer, seed and chemicals. Agrium closed up C$7.77, or 8.3 percent, at C$102.00.

Viterra profit jumps on grain boom, higher margins

WINNIPEG, Manitoba (Reuters) - Volatile grain markets helped Viterra Inc boost its grain handling margins by 63 percent, Canada's largest grain company said on Wednesday, surprising analysts with earnings that were stronger than expected. Viterra, formerly Saskatchewan Wheat Pool, earned C$33.6 million ($32.9 million), or 16 Canadian cents a share, in the quarter ended April 30, up from C$9.2 million, or 10 Canadian cents, a year earlier, before Saskpool acquired its larger rival Agricore United.

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