News

June 20, 2009

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now over to our Canadian Correspondent for a look at how the Canadian markets performed over this past week.

CC. News that farmers are buying less fertilizer sent the potash stocks lower, while a Friday rally in golds helped that sector trim earlier losses. Overall however the investor interest seemed to lie in more speculative juniors with drill results pending. Once all the trading was done this past week the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had lost 3.12 per cent, while the TSX Gold Index had added 1.3 per cent.

Shares of Potash Corp. of Saskatchewan got slammed following word the company would lower output by 800,000 tonnes, bringing its total potash production cuts since January to 4.7 million tonnes. The world’s largest producer of potash is citing the fact that farmers are buying less of the fertilizer because potash prices have not declined as much as phosphate and nitrogen fertilizer prices.

Minews. KS AG, Europe’s largest producer of potash for fertilizer, is also cutting output and has lowered...