Canada Stocks-tsx Ekes Out Gain On Potash Corp Jump; Drops On Week

The Coast Guard doesnt have the authority to tell boaters to stay out even if they look like theyd be in over their heads in Arctic waters. We just hope, and try to tell them to be prepared, says Sharp. Hopefully, they may have groups with them, or monitoring them, or have a good support team in that sense. But we really cant persuade people not to go. The Coast Guard has no legal side to us, if you will. Its not just the North. I cant refuse people from venturing out on the Great Lakes or anything else. By late August, the Coast Guard knew of 24 vessels either in the Northwest Passage or planning to go there, and only three of those were large ships required to file notice, says Iqaluit spokesman Louis Robert. Pohl has counted around 35 vessels in the passage this season, several of which contacted him for free guidance. Russia is much more strict in regulating its Arctic sea passages, called the Northern Sea Route. More than 500 ships, mostly large commercial vessels, received permits to sail at least part of the way between Asia and Europe this year. All vessels must apply for a permit to transit the Russian route.

Potash Corp jumped 2.3 percent to C$33.57 after reports surfaced that tycoon Suleiman Kerimov would sell his major stake in Russian potash producer Uralkali to investor Vladimir Kogan. The Potash Corp gain reflected optimism that a change in Uralkali’s ownership might lead to it rejoining fellow potash producer Belaruskali in an export partnership, which would support prices for the crop nutrient. “When you have reports like this flying around, people tend to focus on the underlying fundamentals, which are that demand for potash is not going to go away in a hurry,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver. “At some point, the stock has to be a screaming buy.” The Toronto Stock Exchange’s S&P/TSX composite index ended the session up 22.35 points, or 0.18 percent, at 12,723.40. It fell 0.76 percent on the week. Financial stocks were the biggest weight on the day as Statistics Canada said the ratio of household debt to income in Canada hit a record high in the second quarter. “If the Canadian consumer is strapped because of a huge debt load, then that has implications for the broad Canadian economy, and the banks are, of course, the biggest players here,” Picardo said. Royal Bank of Canada slipped 0.7 percent to C$65.30, Toronto-Dominion Bank lost 0.4 percent to C$89.92, and Bank of Nova Scotia was down 0.2 percent at C$59.30. Oil and gas producers also helped the index rise, but Gareth Watson, vice president Of investment management and research at Richardson GMP, said their recent gains could be capped if it becomes clear that the United States will not make a military strike on Syria, which would pull down oil prices. The energy sub-index was up 0.25 percent, led by a 0.6 percent gain for Canadian Natural Resources to C$32.78, and Suncor Energy’s 0.3 percent rise to C$37.35. Watson said the index has performed well in recent months. “I’m sure people would much rather where we are right now as opposed to the end of June, when we were down close to 12,000.” Telecom stocks also helped the index rise, with Telus Corp up 0.8 percent at C$33.42 and Rogers Communications Inc gaining 0.8 percent to C$43.28. The stocks fell the previous day after a report that three foreign telecom companies had studied entering the Canadian market.