By John Kipphoff
Oct. 27 (Bloomberg) -- The following companies had unusual price changes in Canadian trading. Stock symbols are in parentheses, and share prices are as of 5 p.m. in Toronto.
The Standard & Poor's/TSX Composite Index fell 8.1 percent to 8,537.34, the lowest since September 2004.
Raw-materials and energy stocks dropped on speculation that the global credit crisis and a recession will curb demand for fuel, metals and grains. Crude-oil fell to a 17-month low, silver extended its drop this year to 38 percent and Citigroup Inc. slashed its forecast for 2009 uranium prices by 45 percent
Silver Wheaton Corp. (SLW CN) dropped a record 25 percent to C$3.37. Opti Canada Inc. (OPC CN) slid 24 percent to C$3.16. New Gold Inc. (NGD CN) retreated 23 percent to C$1.06. Uranium One Inc. (UUU CN) dropped 19 percent to 64 cents. Agnico-Eagle Mines Ltd. (AEM CN) fell 19 percent to C$27.50. Compton Petroleum Corp. (CMT CN) dropped 19 percent to C$2.30.
BCE Inc. (BCE CN) fell 4.6 percent to C$33.90 for its steepest drop since Sept. 29. Citigroup Inc., Toronto-Dominion Bank (TD CN) and others funding a pension plan's C$51.7 billion ($40.6 billion) takeover of Canada's biggest phone company, will start marketing debt to investors this week, according to RBC Capital Markets analyst Jonathan Allen.
BCE is trading 19 percent below the agreed takeover price of C$42.75-a-share cash, amid speculation that the banks may balk at financing the transaction if they're unable to sell on the loans because of credit market turmoil. Toronto-Dominion, Canada's second-largest lender, fell 8.5 percent to C$52, the most in at least 25 years.
Finning International Inc. (FTT CN), the biggest dealer in Caterpillar Inc. equipment, dropped 11 percent to C$12.65, the lowest price since April 2003. Caterpillar (CAT US), the largest maker of bulldozers and excavators, was cut to ``neutral'' from ``buy'' at Merrill Lynch & Co. The brokerage said that declining commodity prices will result in delays and cancellations of resource-related projects in 2009 and 2010.
Manulife Financial Corp. (MFC CN) declined 15 percent to C$21.17, the most ever. Canada's biggest insurance company and its rival Sun Life Financial Inc. (SLF CN) may come under regulatory pressure to raise more capital following global equity market declines, RBC Capital Markets analyst Andre- Philippe Hardy wrote in a report today.
Manulife may need to add C$2 billion ($1.56 billion) in capital in the fourth quarter, and Sun Life, C$500 million, the Toronto-based analyst said. Sun Life fell 13 percent to C$26.29.
Norbord Inc. (NBD CN) declined 16 percent to a record C$2.35. The second-largest maker of oriented strandboard was downgraded to ``market perform'' from ``outperform'' by Daryl Swetlishoff at Raymond James & Associates. The Vancouver-based analyst set a six month-to-12-month share-price target of C$3.
Nortel Networks Corp. (NT CN) fell 16 percent to C$1.33, the lowest price since at least 1983. North America's biggest phone gear maker was cut to ``neutral'' from ``buy'' by UBS AG analyst Nikos Theodosopoulos, who said that Nortel's profit and liquidity will suffer from slowing spending by phone companies.
Q9 Networks Inc. (Q CN) rose a record 31 percent to C$17.01. The operator of Internet data centers said that it completed its sale to U.S. private equity firm Abry Partners LLC. Shareholders will receive C$17.05 a share in cash, Toronto- based Q9 said in a statement distributed by Market News.
To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.
Last Updated: October 27, 2008 18:06 EDT
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