Bleeding on Bay Street

Roger Biduk writes:

The stock market optimism that was generated ahead of the U.S. elections was mostly obliterated on North American markets Wednesday, with commodities tumbling as part of a broader decline.
Toronto's S&P/TSX composite index came out the least scathed, losing about half of the gains it took a day earlier. It closed down 229.38 points to 9,887.20.
The TSX Venture Exchange moved down 23.85 points to 951.42.

The TSX base metals sector led declines, down 7.9 per cent, as all major sectors were down.
Gold stocks were down 1.44 per cent overall as the sector endured an up-and-down session where it was at one time the lead gainer, and later the lead loser.
The December bullion contract on the New York Mercantile Exchange closed $14.90 lower to US$742.40 an ounce, after gaining more than five per cent in the last two sessions.

The Canadian dollar closed at 85.62 cents US, down 1.25 cents, even as the greenback weakened.

On the TSX, the energy sector dropped 3.46 per cent as the December crude oil receded $5.23 to US$65.30 on the New York Mercantile Exchange.

In Canadian corporate news, units of The Brick Group Income Fund (TSX:BRK.UN) fell nearly 36 per cent - down $1.79 to $3.25 - after the furniture, appliance and electronics retailer said it will cut distributions in half and reported third quarter net profits dropped to $12.4 million from $17.2 million last year.
Newalta Income Fund (TSX:NAL.UN) announced it will convert from an income trust into a dividend-paying corporation. Newalta is also cutting its growth capital spending next year by about 30 per cent to $75 million, as it presented third-quarter results showing a 19 per cent increase in revenue to $158.6 million and a five per cent rise in net income to $18.7 million. Its units rose two per cent, or 17 cents, to $9.20.
Enbridge Inc. (TSX:ENB) said third-quarter profit increased 90 per cent over a year ago as revenue swelled 66 per cent to $4.37 billion from $2.63 billion. The pipeline operator earned $148.4 million or 41 cents per share in the three months ended Sept. 30, up from $78.1 million a year earlier. Enbridge shares moved down 30 cents to $42.
Pengrowth Energy Trust (TSX:PGF.UN) reported third-quarter earnings of $422.4 million, powered by pretax mark-to-market gains of $476 million on commodity hedging, while oil production declined five per cent. Its units were down 44 cents to $12.87.
Agrium Inc. (TSX:AGU) gained 18 cents to $46.18 after third-quarter earnings of US$367 million, more than seven times the $51 million the farm-inputs company earned in the year-ago period.
Domtar Corp. (TSX:UFS) booked third-quarter net earnings of $43 million, up from of $36 million a year ago, but it offered a glum fourth-quarter outlook and its stock rose 10 cents to $2.80.
Cameco Corp. (TSX:CCO) gained 10 cents to $20.17 after the company disclosed a "modest increase" in water inflow into a development area of its McArthur River uranium mine in northern Saskatchewan. Cameco said the inflow is only 10 per cent of its pumping capacity and is "well managed."

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