Canadian Stocks Up Around 70 Pts; Led By Industrial Sector; CP Rail and Primaris Among Stand Out Stocks

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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 individual stocks.

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 highs.

Energy stocks are being supported by talk of a potential new wave of merger activity given Freeport McMoRan's ( FCX ) 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 StatisticsCanada.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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