Canadian Stocks Rise for Third Day as U.S. Growth Slows Less Than Forecast
By Matt Walcoff – Aug 27, 2010 7:34 AM PT
Canadian stocks rose for a third day, erasing a weekly decline, after the U.S. said growth slowed less than economists estimated in the second quarter.
Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer, gained 1.1 percent as agricultural commodity prices increased. BlackBerry maker Research In Motion Ltd. fell 1.2 percent as a potential ban on some messaging services in India drew nearer. Royal Bank of Canada, the country’s biggest bank, rebounded 0.9 percent after losing 3.4 percent yesterday.
The Standard & Poor’s/TSX Composite Index climbed 75.34 points, or 0.7 percent, to 11,728.52 at 10:28 a.m. in Toronto. For the week, the benchmark has gained 0.1 percent.
The S&P/TSX slipped 0.5 percent this month through yesterday as data on U.S. unemployment, housing and manufacturing indicated a slowdown in the recovery in Canada’s largest trading partner. Smaller-than-estimated profit reports from Bank of Montreal and Royal Bank this week partially offset the impact of BHP Billiton Ltd.’s $39 billion takeover offer for Potash Corp., which became public Aug. 17.
To contact the reporter on this story: Matt Walcoff in Toronto at firstname.lastname@example.org