Abitibi, Canadian Natural, FNX, Metro: Canada Stock Preview

By John Kipphoff

Aug. 7 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from the previous close.

The Standard & Poor's/TSX Composite Index gained 1.6 percent to 13,453.51 yesterday in Toronto.

AbitibiBowater Inc. (ABH CN): The world's largest newsprint maker reported a second-quarter loss of $2.60 (C$2.72) a share before certain items, exceeding the $2.32 average loss estimate of analysts in a Bloomberg poll. The shares fell 4.5 percent to C$8.28.

Canadian Natural Resources Ltd. (CNQ CN): The country's fourth-largest energy company by market value said that its C$9.27 billion ($8.85 billion) oil-sands project is behind schedule and over budget, and posted a second-quarter loss on lower values for contracts used to lock in commodity prices.

Canadian Natural's net loss was C$347 million, compared with a profit of C$841 million a year earlier. The shares rose 5.7 percent to C$79.28.

FNX Mining Co. (FNX CN): The nickel and copper producer that sells ore to Cia. Vale do Rio Doce said that second-quarter profit dropped 68 percent to C$11.3 million, or 13 cents a share, because of lower nickel prices. The shares slid 3.8 percent to C$15.66.

GMP Capital Trust (GMP-U CN): The Toronto-based investment bank said that second-quarter profit fell 59 percent to C$15.7 million, or 25 cents per basic unit. GMP didn't provide year- earlier figures, and reduced its monthly cash distribution to 10.4 cents per unit from 14 cents. The shares fell 3 percent to C412.80. GMP is the worst-performing Canadian financial-services stock this year.

Metro Inc. (MRU/A CN): Canada's third-biggest supermarket chain said that profit in the third quarter rose to C$92.6 million, or 82 cents a share, from C$89.3 million, as food retailers eased up on price cuts. Sales in the period ended July 5 advanced to C$3.37 billion. Five analysts surveyed by Bloomberg estimated revenue of C$3.39 billion, on average. The shares rose 0.2 percent to C$25.44.

Manulife Financial Corp. (MFC CN): North America's second- largest insurer by market value may say that second-quarter profit was 70 cents a share before one-time items, the average estimate of 13 analysts surveyed by Bloomberg News. The shares rose 0.2 percent to C$37.60.

Tim Hortons Inc. (THI CN): Canada's biggest coffee-and- doughnut chain may report second-quarter earnings of 40 cents a share before one-time items, the average of 11 analyst estimates compiled by Bloomberg. The shares rose 0.7 percent to C$29.74.

TransAlta Corp. (TA CN): Canada's largest publicly traded electricity producer rejected the C$7.75 billion, C$39-a-share, takeover bid made last month by LS Power Equity Partners and Global Infrastructure Partners as undervaluing the company. The shares fell 0.1 percent to C$36.58.

Yamana Gold Inc. (YRI CN): The company that mines for gold in South America and the U.S. said second-quarter net income fell 20 percent to $42.1 million, after the stronger Brazilian real eroded the benefit of higher metal prices and output.

Profit excluding some one-time items was 15 cents a share, the company said. Thirteen analysts surveyed by Bloomberg estimated per-share earnings excluding one-time items would be 17 cents. The stock added 3.7 percent to C$11.60.

To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.