Bulls Take A Rare Day Off, Linamar Hammered -- Canadian Commentary

(RTTNews) - Canadian stocks fell Wednesday, easing from record highs as traders took profits following a strong rally in the oil sector.

The TSX Composite was down 26.44 points to 16,105.35.

Traders weighed a slew of corporate headlines and some upbeat news from the housing front.

Linamar (LNR.TO) reported a disappointing quarterly profit on lower North American volumes. The stock plunged 14 percent.

Encana (ECA.TO) reported its profit and revenue fell from last year due to a drop in production. The stock fell 1.6 percent.

IamGold (IMG.TO) said earnings rose 55% compared to the same period a year ago. Shares rose 6.8 percent.

Agrium (AGU.TO) said China has approved its merger with Potash of Sask (POT.TO). Agrium will sell its U.S. plants to help get regulatory approval in America.

Agrium posted a bigger-than-forecast third quarter loss and cut full-year guidance to reflect lower volumes. Shares slid 1.6 percent.

Loblaw (L.TO) will merge its Shoppers Optimum and PC Plus loyalty programs in February. Shares rose 1.4 percent.