Fed's QE bolsters TSX rally by 230 Pts despite Potash saga overshadowing
Gains for Toronto's main stock index continue to soar. It was up 231 points an hour before the market closes. Fed's earlier decision to pump more money into circulation by buying back bonds from the market bolstered the surge, as investors momentarily shift their attention away from the surprise rejection of BHP's near US$40 billion takeover offer for Potash Corp. (POT.TO). Canada earlier dropped the first hint as to why the bid was rejected.
Canada's farm minister, in comments his office later insisted were speculative, reportedly said on Thursday the proposed takeover of Potash Corp would have given Australia's agriculture industry too much of an advantage in markets such as India and China.
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