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发表于 2010-9-21 06:18 PM
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本帖最后由 George25 于 2010-9-21 20:21 编辑
Canadian Stocks Fall as Oil, Agricultural Commodities Decline
By Matt Walcoff
Sept. 21 (Bloomberg) -- Canadian stocks fell from a four- month high as futures of crude oil and agricultural commodities slumped, weakening energy and fertilizer shares.
Crescent Point Energy Corp., which produces oil and gas in western Canada, lost 2 percent after announcing a share offering. Methanex Corp., the world’s largest methanol producer, slid 4.7 percent as Canadian Imperial Bank of Commerce cut its rating on the shares. BlackBerry maker Research In Motion Ltd. gained 4.1 percent after reports that a rival’s new smartphone will be delayed.
The Standard & Poor’s/TSX Composite Index retreated 63.94 points, or 0.5 percent, to 12,170.57.
“We think oil’s going to do well over the next year, but inventory is building,” said Keith McLean, who oversees about C$90 million ($87.8 million) as a managing partner at GMP Investment Management in Toronto. “Demand has not returned in oil as with copper, for instance.”
After gaining 1.4 percent in the first eight months of the year while the MSCI World Index lost 7.5 percent, the S&P/TSX has underperformed 20 of 23 other developed markets’ benchmarks this month. Energy and raw-materials companies, which make up 47 percent of Canadian stocks by market value, have increased the least among S&P/TSX industries in September.
‘Disproportionate Move’
“If real-economy stocks start to work, Canada may start to underperform a little bit here because they had a disproportionate move in August,” McLean said.
Crude oil decreased 1.8 percent to settle at $73.52 a barrel in New York a day before a U.S. government report that may say refineries operated at the lowest rate in five months, based on the median estimate in a Bloomberg survey.
Suncor Energy Inc., Canada’s largest oil and gas company, fell 1.6 percent to C$32.83. Canadian Natural Resources Ltd., the country’s second-biggest energy company by market value, slipped 1.1 percent to C$34.19.
Crescent Point decreased 2 percent to C$36.63. The company said it will sell 10.3 million shares at C$36.60 a share, in part to raise funds for an increased plan of capital spending and for the acquisition of land in Alberta.
Corn
Agrium Inc., Canada’s second-largest fertilizer producer, lost 1.9 percent to C$75.83 as corn futures fell for a second day after closing at a 23-month high last week. Potash Corp. of Saskatchewan Inc., the world’s biggest fertilizer producer, slipped 1.3 percent to C$150.55.
S&P/TSX bank stocks decreased the most this month after the Federal Open Market Committee said the pace of recovery and job growth in the U.S. have “slowed in recent months.”
Royal Bank of Canada, the country’s largest lender by assets, retreated 1.3 percent to C$53.32. Toronto-Dominion Bank, Canada’s second-biggest bank, fell 1.1 percent to C$75.25. Bank of Montreal, the No. 4 lender by assets, dropped 1.5 percent to C$59.68.
RIM, Canada’s largest technology company, increased 4.1 percent to C$48.29 after electronics industry websites Electronista and Engadget said competitor Nokia Oyj is delaying shipments of its N8 smartphone. Nokia denied the reports.
Shoppers Drug Mart Corp., Canada’s largest drug-store chain, rallied 1.9 percent to C$38.43 after Chris Li, an analyst at Bank of America Corp., raised his rating on the shares to “buy” from “neutral.” Shoppers has gained eight days in a row, the longest streak in three years.
Methanex retreated 4.7 percent to C$24.23 after Jacob Bout, a CIBC analyst, reduced his rating on the Vancouver company to “sector performer” from “sector outperformer,” citing the company’s valuation. The stock had advanced 14 percent since Bout gave the company the higher rating in January.
Cotton-Sensitive
Gildan Activewear Inc., Canada’s largest clothing maker, fell 3.6 percent to C$28.85 as cotton advanced to a 15-year high. Every 1-cent increase in the price per pound of cotton reduces Gildan’s earnings by 3 cents a share, Spencer Churchill, an analyst at Paradigm Capital Inc., said in a note dated yesterday. The company might be able to offset higher input costs with product price increases, Churchill wrote.
Imax Corp., the developer of giant-screen movie technology, climbed for a fifth day, rallying 7.4 percent to C$17.54. The company said it has agreed to open 15 cinemas in China with South Korea’s CJ CGV Co. It is the Mississauga, Ontario-based company’s biggest expansion in Asia to date.
To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
Last Updated: September 21, 2010 16:41 EDT |
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狗仔卡
发表于 2010-9-21 06:28 PM
