Canada Hot Stocks: Cdn Fertilizer, Gold, Oil Stks
By Daniel at 2 October, 2008, 12:41 pm
Among the companies whose shares are making notable moves in Thursday’s session
are Potash Corp. of Saskatchewan (POT), Agrium Inc. (AGU), Viterra Inc. (VT.T),
Goldcorp Inc. (GG), Barrick Gold Corp. (ABX), Eldorado Gold Corp. (EGO), EnCana
Corp. (ECA), Canadian Natural Resources Ltd. (CNQ), Canadian Oil Sands Trust
(COS.UN.T), and Petro-Canada (PCZ).
Canadian fertilizer stocks Potash Corp. (C$107.50, -C$29.00, -22%) and Agrium
(C$46.20, -C$12.28, -21%) are down sharply after U.S. rival Mosaic Co. (MOS) cut
its guidance for phosphate sales volume for the fiscal year, citing a slowing
phosphate business as a result of seasonal reasons, higher customer inventory
levels and declining raw material costs. Big Canadian agribusiness Viterra
(C$9.24, -C$0.76, -7.6%) is also tumbling.
Gold stocks such as Goldcorp (C$31.80, -C$2.52, -7.3%), Barrick (C$36.86,
-C$2.91, 7.3%) and Eldorado (C$6.22, -C$0.48, -7.2%) are following spot gold
prices lower as the U.S. dollar climbed on confidence that the U.S. will approve
the latest rescue plan for banks and mortgage lenders.
Oil prices continue to tumble, reflecting concerns that the financial-market
crisis will spread to the broader economy, dampening demand for oil. The poor
outlook is depressing the stocks of some of Canada’s big oil producers, including
EnCana (C$60.93, -C$4.53, -6.9%), Canadian Natural (C$66.47, -C$5.03, -7.0%),
Canadian Oil Sands (C$34.41, -C$2.99, -8.0%) and Petro-Canada (C$33.17, -C$2.06,
-5.9%).
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