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China data, Potash Corp push TSX higher

TORONTO (Reuters) – Canada’s main stock index advanced on Monday after positive Chinese data lifted shares of commodity producers on optimism that China’s economy may be set for stronger growth. Among the top gainers, fertilizer producer Potash Corp (POT.TO: Quote) added 5.5 percent on market speculation that a resolution might be in sight for a dispute with Russia that split the Belarus potash consortium, a development that could herald higher potash prices. “The rebound (in Potash Corp) may be a reflection of people thinking that the Russians may not engage in a price war,” said Gavin Graham, chief strategy officer at Integris Pension Management Corp. BlackBerry (BB.TO: Quote) climbed 4.6 percent after a…

July 30, 2013 Oil jumps as Syria conflict heats up

Once again, a Middle East conflict is pushing oil prices higher. Oil prices rose roughly 3% Tuesday and continued advancing by nearly 1% Wednesday, as the U.S. government and its allies consider a military strike on Syria following the country’s suspected use of chemical weapons. The conflict has left investors reeling, with global stocks selling off and investors rushing to safer havens, such as Treasuries, which are backed by the U.S. government. “In a world when you don’t know what to do, you buy government bonds,” said Steen Jakobsen, chief investment officer at Saxo Bank. Even gold, which had been maligned by investors, is spiking. The precious metal, also considered…

July 29, 2013 Significant’ shale gas find declared in Liard Basin

A “very significant” discovery of shale gas in the Liard Basin of the Northwest Territories holds promise for Calgary company Lone Pine Resources to carry out hydraulic fracturing, or “fracking,” on 100 per cent of its 52,000-acre stake in the area. The National Energy Board of Canada (NEB) approved a “commercial discovery declaration” for the company last Tuesday, stating “it is reasonable that all of Lone Pine’s 66 sections are developable by the use of hydraulic fracturing,” further adding that “there are reasonable grounds to believe the commercial discovery extends at least throughout the applied-for frontier lands.” Lone Pine president and CEO Tim Granger told The Journalthe company is feeling optimistic…

News Archive - August 2013