The Canadian dollar topped 108 cents US early Tuesday while two Canadian-based manufacturing heavyweights issued reports showing bottom-line improvements from a year ago.
The loonie opened at 108.17 cents US, up 0.99 cent from Monday's record closing high, as the American dollar continued its downward course against most other currencies.
Magna International Inc. (TSX:MG.A) reported a 65 per cent increase in third-quarter earnings to US$155 million as sales rose 12 per cent to $6.08 billion. The global auto-parts maker, headquartered near Toronto but reporting in U.S. dollars, said operating profit swelled 72 per cent to $267 million, as its average value of content per vehicle increased 14 per cent in North America and 22 per cent in Europe.
Nortel Networks Corp. (TSX:NT) reported July-September net income of US$27 million, up from a year-earlier loss of $63 million. Revenue declined eight per cent to US$2.70 billion because of the sale of Nortel's UMTS business, but the company pointed to rising orders and expanding profit margins.
On currency markets, the euro also reached another record high against the American dollar amid expectations of more interest rate cuts in the United States. The 13-country currency hit US$1.4555, up from $1.4471 late Monday, before receding slightly.
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