CIBC, IGM, Magna, Royal Bank, TD Bank: Canadian Equity Preview

By John Kipphoff

Oct. 3 (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 dropped 7 percent to 10,900.54 yesterday in Toronto. The main Canadian stock benchmark has dropped 10 percent in four days, poised for its biggest weekly decline since an 11 percent slide in the week ended Oct. 27, 2000.

Canadian Imperial Bank of Commerce (CM CN): Canada's fifth- biggest bank said Cerberus Capital Management LP will invest $1.05 billion in its U.S. residential real estate portfolio. The move will ``significantly limit'' CIBC's investment in U.S. real estate, the Toronto-based bank said. The shares fell 3.6 percent to C$57.82.

IGM Financial Inc. (IGM CN): Canada's biggest mutual fund company said mutual fund assets under management dropped 11.6 percent to C$98 billion ($90.8 billion) in September from a year earlier. The shares fell 3.1 percent to C$38.

Magna International Inc. (MG/A CN): North America's biggest car-parts maker said Russian billionaire Oleg Deripaska ceded 20 million Magna shares to the bank that financed the purchase. The bank, which wasn't named, will dispose of the Class A voting shares in Magna at its discretion, the Aurora, Ontario-based company said. The shares fell 7.3 percent to C$49.24.

NuVista Energy Ltd. (NVA CN): The oil and gas producer increased its 2008 capital expenditure budget. Spending on land acquisitions and drilling will total C$205 million, up 17 percent from a previous budget of C$175 million, the Calgary- based company said in a statement distributed by Marketwire. The shares dropped 8.9 percent to C$11.16.

Royal Bank of Canada (RY CN): The company's RBC Asset Management unit said investors withdrew a net C$1.2 billion, mostly from money market funds, last month. The shares fell 3.8 percent to C$48.95.

Toronto-Dominion Bank (TD CN): Canada's second-biggest bank by assets reported net redemptions of C$1.15 billion in September. The shares dropped 3.5 percent to C$60.50.

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