TSX dives as composite fertilizer closes at record
http://www.canada.com/topics/news/story.html?id=7e [2008-7-4]
Tag : Composite Fertilizer
"More than anything, it's confidence disappearing in the economy ofCanada, in the United States and elsewhere too," said Fred Ketchen,director of equity trading at ScotiaMcLeod in Toronto. "Unless youhave confidence, man, you're going to run to shore."
This happened as crude oil on the New York Mercantile Exchange rose$2.60 to $143.57 US a barrel, its highest close ever. Inafter-hours trading, it broke $144 US for the first time.
Such happenings in recent history would have often given the TSX aboost, even as almost every other exchange in the world reactednegatively to the skyrocketing fuel costs.
But Ketchen said the situation has changed.
"I think the fact that oil prices have moved so high have madepeople feel that it's going to deter demand," he said. "In the longrun, that might be good, but it may not be so good for oil and gasproduction companies. I mean, you're going to meet some resistancein price somewhere here."
In fact, the TSX energy sector was the biggest contributor to themain index's loss. The energy index was down 3.1 per cent. NikoResources Ltd. was down $4.49, or 4.6 per cent, to $93.25. SuncorEnergy Inc. fell $2.85, or 4.8 per cent, to $56.35.
The other major grouping of commodity-related stocks, under thecategory of materials, was also a major drag on the TSX benchmark.The materials index fell 4.8 per cent. The biggest decliner on theexchange in dollar terms was Potash Corp. of Saskatchewan Inc.,which fell $19.77, or 8.4 per cent, to $216.80. Fellow fertilizerproducer Agrium Inc. was down $4.85, or 4.4 per cent, to $105.10.
Ketchen said he wasn't aware of anything that should have broughtthese two agricultural stocks down. But with these stocks beingsome of the biggest gainers in recent months, he said investors mayhave been rushing to squeeze some profit out of them, given thetoxic environment on Wednesday's market.
After Potash, the biggest drop on the TSX came from FordingCanadian Coal Trust, which was down $15.80, or 16.2 per cent, to$81.70. This happened as the going rate for coal in Europe fell 13per cent to $190 US a tonne.
"More than anything, it's confidence disappearing in the economy ofCanada, in the United States and elsewhere too," said Fred Ketchen,director of equity trading at ScotiaMcLeod in Toronto. "Unless youhave confidence, man, you're going to run to shore."
This happened as crude oil on the New York Mercantile Exchange rose$2.60 to $143.57 US a barrel, its highest close ever. Inafter-hours trading, it broke $144 US for the first time.
Such happenings in recent history would have often given the TSX aboost, even as almost every other exchange in the world reactednegatively to the skyrocketing fuel costs.
But Ketchen said the situation has changed.
"I think the fact that oil prices have moved so high have madepeople feel that it's going to deter demand," he said. "In the longrun, that might be good, but it may not be so good for oil and gasproduction companies. I mean, you're going to meet some resistancein price somewhere here."
In fact, the TSX energy sector was the biggest contributor to themain index's loss. The energy index was down 3.1 per cent. NikoResources Ltd. was down $4.49, or 4.6 per cent, to $93.25. SuncorEnergy Inc. fell $2.85, or 4.8 per cent, to $56.35.
The other major grouping of commodity-related stocks, under thecategory of materials, was also a major drag on the TSX benchmark.The materials index fell 4.8 per cent. The biggest decliner on theexchange in dollar terms was Potash Corp. of Saskatchewan Inc.,which fell $19.77, or 8.4 per cent, to $216.80. Fellow fertilizerproducer Agrium Inc. was down $4.85, or 4.4 per cent, to $105.10.
Ketchen said he wasn't aware of anything that should have broughtthese two agricultural stocks down. But with these stocks beingsome of the biggest gainers in recent months, he said investors mayhave been rushing to squeeze some profit out of them, given thetoxic environment on Wednesday's market.
After Potash, the biggest drop on the TSX came from FordingCanadian Coal Trust, which was down $15.80, or 16.2 per cent, to$81.70. This happened as the going rate for coal in Europe fell 13per cent to $190 US a tonne.
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