U.S. Sells All Remaining Shares of General Motors
Canadian Stocks Rise as U.S. Economy Grows; Potash Corp. Gains
Canadian stocks rose as the U.S. reported that economic growth accelerated in the fourth quarter and crude-oil futures rebounded from an eight-week low.
Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, gained 0.9 percent after at least eight analysts boosted their share-price estimates. Canadian Oil Sands Ltd., the biggest owner of the Syncrude project, advanced 1.7 percent after topping its average profit estimate. Magna International Inc., Canada’s largest auto-parts maker, fell 1.9 percent after customer Ford Motor Co. missed analysts’ average earnings forecast.
The Standard & Poor’s/TSX Composite Index rose 56.51 points, or 0.4 percent, to 13,466.71 at 9:53 a.m. in Toronto. Among S&P/TSX stocks, 129 gained, 102 retreated and 14 were unchanged.
The S&P/TSX climbed 1.1 percent this week through yesterday after dropping 1.4 percent in the first three weeks of the month. The stock benchmark gained as the U.S., which accounted for 75 percent of Canadian exports in 2009, reported a bigger gain in new-home sales than most economists had estimated and Potash Corp. raised its profit forecasts and dividend.
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