CA-BUSINESS Summary

TSX up 6th day on upbeat data, Potash earnings

TORONTO (Reuters) - Canada's main stock index extended its gains into a sixth straight session on Thursday, buoyed by positive U.S. economic data and a stronger-than-expected earnings report from Potash Corp . Investors were encouraged by data showing the number of Americans filing new claims for unemployment benefits fell last week, offering reassurance that the bottom is not falling out of the labor market.

Shoppers Drug Mart revenue rises on higher over-the-counter sales

(Reuters) - Shoppers Drug Mart Corp reported a 4 percent rise in first-quarter revenue despite tighter price controls for generics, helped by a jump in sales of over-the-counter products. Canada's biggest pharmacy chain said average prescription value fell 4.8 percent in the quarter due in part to cuts in the prices of generic drugs.

Exxon quarterly profit up slightly

(Reuters) - Exxon Mobil Corp said on Thursday its quarterly profit edged up, helped by higher earnings in its chemicals business but oil and gas production fell. Earnings per share topped Wall Street expectations but the gains largely came after a big stock buyback that reduced the number of outstanding shares by 5 percent.

Precision Drilling expects U.S. rig demand to stabilize

(Reuters) - Precision Drilling Corp , Canada's largest oil and gas drilling contractor, expects demand for its rigs to stabilize in the United States in the coming months after falling for several quarters and squeezing its profits. The number of rigs drilling for natural gas in the United States edged higher for the second straight week ended April 21, after declining for the last 18 months. U.S. rig count is down about 60 percent since peaking at 936 in 2011.

Dow Chemical sees farm products driving profit this year

(Reuters) - Dow Chemical Co posted a better-than-expected 33 percent jump in quarterly profit as farmers in the Americas bought more of its seeds and pesticides, overshadowing a decline in European demand for its plastics. Dow, the largest U.S. chemical maker by sales, forecast that demand for its seeds and crop-protection products would drive further growth after a quarter in which its agricultural science business posted the highest sales growth of its various units.

Oil production rises for Exxon, Conoco in first-quarter

HOUSTON (Reuters) - Quarterly results from Exxon Mobil Corp and ConocoPhillips on Thursday showed that while overall growth remained elusive, output rose in key basins in the United States where the oil and gas companies are spending heavily to grow crude production. North American shale basins and the Gulf of Mexico are seen as more secure places for energy companies to invest because they typically offer a steady source of growth. Conoco said in December that more than half of its nearly $16 billion budget for 2013 will be spent in North America.

Watchmakers fret over China sales slump

BASEL (Reuters) - Luxury watchmakers expect sales growth to slow this year as a recovery in the United States and buoyant Middle East demand fail to offset a China slump more deep-rooted than a temporary blip caused by anti-corruption moves. The heads of Swatch Group's biggest brand Omega and LVMH flagship brand TAG Heuer as well as high-end independents Patek Philippe and Ulysse Nardin all said demand in Greater China had tumbled, particularly for high-end models.

Imperial Oil profit falls on lower crude prices

(Reuters) - Imperial Oil Ltd , Canada's No. 2 oil producer and refiner, reported a 21 percent fall in first-quarter profit due to lower crude prices and increased refinery maintenance. The company said the start-up of the first phase of its Kearl oil sands project in northern Alberta is imminent and the sales of Kearl blend are expected to begin in the third quarter.

Strong post-holiday season boosts UPS profit

(Reuters) - United Parcel Service Inc said it expects the small-package delivery market to grow faster than the U.S. economy in 2013, after reporting a higher quarterly profit on strong post-holiday season demand. Shares of the world's largest package-delivery company rose 2 percent in early trading after UPS said its growing e-commerce business also lifted first-quarter results.

Barclays promises angry investors to crack down on pay

LONDON (Reuters) - Barclays promised a rigorous review of executive pay on Thursday, as shareholders at the bank's annual meeting said they remain unconvinced that big bonus payouts will be abandoned by its new bosses as part of a new ethical drive. Chief Executive Antony Jenkins, drafted in last year to tear up Barclays' profits-at-all-costs culture, told shareholders it would take time for them to see the benefits of his multi-billion-pound overhaul.

Source: http://news.yahoo.com/ca-business-summary-110120717.html

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