Canadian stocks are up around 70 points, with gains across all
industry sectors except Info Tech. Industrials are leading the way
while two stocks very much in the news - Canadian Pacific Rail
(CP.TO) and Primaris Retail REIT (PMZ-UN.TO) - are prominent among
CP Rail is up more than 5% and has hit 52 week highs as it
outlined plans to eliminate 1,700 positions by the end of the year
as a part of a number of moves to improve service and lower costs.
Meanwhile, a consortium led by Canadian private equity firm
KingSett Capital plans to make an offer to acquire Primaris in a
deal valued at about C$4.4 billion. Primaris too has hit 52 week
Energy stocks are being supported by talk of a potential new
wave of merger activity given Freeport McMoRan's (
) acquisition of two exploration firms.
The S&P/TSX Composite Index is up 67.27 points, or about
0.55%, to 12,204.45.
In economic news, wheat production rose 7.6% this year to 27.2
million tons despite a 3.2% decline in yields to 42.6 bushels per
acre. Both corn and soybean set production records, with corn
rising 15% over year-ago levels to 13.1 million tons and soybeans
production climbing 14.7% to 4.9 million tons, according to
Canola was the one dark mark this year, sliding 8.9% to 14.6
million tons, with hail and other adverse weather in western Canada
around harvest affecting yields. Favorable conditions in the east
contributed to higher yields for corn and soybeans.
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