Dollar slides: Agrium, PotashCorp merger gets approval

By Commodity News Service Canada

WINNIPEG, Sept. 12 – The Canadian dollar backed off from recent gains, falling relative to gains posted by the U.S. dollar and a general softening of Canada’s bond yield spread compared to the U.S.
The U.S. dollar rose against a basket of currencies in the wake of better treasury yields. The Canadian dollar closed at US$0.8224 or C$1.2159 per US$1, compared to yesterday’s close of US$0.8245 or C$1.2148 per US$1.

Agrium and Potash Corp. of Saskatchewan moved higher today, helping boost overall gains on the S&P/TSX, following Competition Bureau approval of their planned merger.

The energy sector lead all gainers with a 1.51% increase. The information technology and materials sectors were not far off with increases of 1.46% and 1.19% respectively.
The S&P/TSX gained 103.1 points, or 0.69%, to finish the day at 15,143.41.

WTI crude oil gained 17 cents U.S. to US$48.24.

Canada’s agricultural sector performed as follows:

AGT Food and Ingredients—–dn $ 0.30 at $ 25.15
Agrium Incorporated———-up $ 0.13 at $124.46
Buhler Industries————– $ 0.00 at $ 4.49
Maple Leaf Foods————-up $ 0.15 at $ 34.12
Potash Corp. of Sask———up $ 0.03 at $ 22.20

(All figures are in Canadian dollars.)


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