Canadian News
Materials Stocks Lead TSX To Four-Week High - Canadian Commentary
10/19/2009 5:06 PM ET
(RTTNews) -
Bay Street stocks posted their best close in four weeks on Monday as mining stocks benefited from strong days from the two fertilizer giants.
The S&P/TSX Composite Index gained 33.63 points or 0.29% to close at 11,538.39. With the gain, the market added to the moderate gains seen last week.
Materials stocks added 0.64% to lead the modest gains.
Potash (POT.TO) rallied 5.7% amid further speculation the company could be sold to BHL Billiton at a 30% premium.
Agrium (AGU.TO) surged 6.4% after the company agreed to sell 50% of its Carseland nitrogen facility to Terra Industries for about $250 million in cash, to meet Canadian regulatory requirements in connection with its offer to acquire CF Industries Holdings.
In other corporate news, Lundin Mining (LUN.TO) rose 5.75% after the stock was upgraded to Outperform from Neutral at Credit Suisse Group.
Yamana Gold (YRI.TO) dropped 0.9%, despite being upgraded to Outperform from Market Perform at BMO Capital, while its target price was upped to $15.50 from $14.50.
Enerflex (EFX-UN.TO) soared 40.2% after receiving a buyout offer from Toromont Industries (TIH.TO). The cash and stock deal would be worth nearly $600 million. Toromont was up 3.3%.
QLT (QLT.TO) said it has restructured its agreement with Novartis Pharma AG to simplify the relationship, under which it will receive exclusive U.S. rights to the Visudyne patents to sell and market Visudyne in the U.S. the stock lost 2.7% on the day.
Canadian wholesale sales data for August is on teh agenda at 8:30 a.m. ET. A rise of 1% is expected, compared to an increase of 2.8% in July.
The leading index will also be reported at 8:30 a.m. ET for the month of September. Last month's data showed an increase of 2.8%.
by RTT Staff Writer
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