Canadian Headlines

The Canadian dollar gained for the second day as recent credit furors, which have been battering investor confidence, faded. Gyrations from market volatility spooked investors away from riskier holdings tied to commodities, such as the Canadian dollar. The Canadian dollar fell almost 350 pips against the US dollar last week.

[B]TD Profit Soars 39% in Q3, Dividend Boosted[/B]
TD Bank Financial Group kicked off the big banks’ earnings season with good news for shareholders, as it boosted its dividend on third-quarter profits that soared past analysts’ expectations. TD said Thursday it made $1.1 billion in Q3 ($1.51 a share), compared to the $796 million ($1.09 a share) it made in the same quarter last year.
http://www.cbc.ca/money/story/2007/08/23/tdbank.html
[I]Source: CBC[/I]

[B]Abu Dhabi[/B][B] to Buy Pioneer Canada[/B]
Abu Dhabi National Energy Co (Taqa) will buy Canadian oil and gas exploration company Pioneer Canada for US$540-million, Taqa said in a statement on Thursday. Pioneer Canada, a unit of U.S.-based Pioneer Natural Resources Co, will boost Taqa’s oil and gas reserves by 59 million barrels and add more than 10,000 barrels of oil equivalent per day in output, Taqa said.
http://www.canada.com/nationalpost/financialpost/story.html?id=5cb8250c-bb84-4160-bf32-f86225c4fc6a&k=46442
[I]Source: Financial Post[/I]

[B]Coventree Inc. Fails to Sell $399 Million in Maturing Notes[/B]
Coventree Inc., Canada’s biggest non-bank issuer of asset-backed commercial paper, said it couldn’t sell any of the $399 million in debt that matured yesterday. Since the correction began in the non-prime mortgage loan market, about $5.5 billion in notes issued by Coventree- sponsored bodies have matured, the company said in a press release yesterday.
Bloomberg - Are you a robot?
[I]Source: Bloomberg[/I]

[I]Currency Markets: USDCAD[/I]
The Canadian dollar gained for the second day as recent credit furors, which have been battering investor confidence, faded. Gyrations from market volatility spooked investors away from riskier holdings tied to commodities, such as the Canadian dollar. The Canadian dollar fell almost 350 pips against the US dollar last week. With markets stabilizing, risk appetite returns to investors as they take advantage of the differentials between higher yielding currencies and the Yen?s 0.5 percent interest rate in a practice known as carry trading. The Canadian dollar was last traded at 1.0528, mushrooming against the US dollar.

[I]Equity Markets: S&P/TSX Index[/I]
The S&P/TSX slipped into negative territory for the first time this week headed by RIM. Just yesterday, Research in Motion was called undervalued by Goldman Sachs analyst Brantley Thompson, spurring a 7 percent jump in its shares. Today, RIM shares paired back some of yesterday?s gains, loosing C$2.16 to C$84.90. Offsetting losses, Toronto Dominion Bank painted Canadian headlines with its 39 percent surge in third quarter profits, causing its share to jump 75 cents to 70.18. The S&P/TSX Index was last quoted down 44.77 points at 13,418.37.

[I]Fixed Income Markets: Canadian Government 10-Year Bond[/I]
Canadian government bonds fell as investors regained confidence following last week?s market turbulence. Despite the loss seen in today?s market, investors moved out of risk free securities from which they sought protection as triple digit market swings seemed to have vanished. The Canadian government 10-year bond last traded at 96.689, yielding 4.41 percent.