Potash Corp Down 2% as Govt Opposition to BHP Bid overshadows Quarterly Earnings
Potash Corp (POT.TO) would ordinarily be expected to go higher today after it easily beat expecations in posting a 62% jump in quarterly earnings on Thursday due to higher grain prices. The company also issued better than expected full-year earnings forecasts for 2010 and 2011. It expects demand for potash, or potassium-based nutrients to soar by up to 20% next year.
However, Potash Corp shares were down more than 2% in Toronto trading - just as they fell 2% in U.S. pre-market trade - on newspaper reports that the Canadian government may block BHP's near US$40 billion or US$130 a share bid.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.