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Agriculture stocks were again being plowed under the earth on Thursday, a day after some of the biggest and brightest names in the sector were dumped in a selling frenzy.
The S&P/TSX composite index fell 167 points, to 13,868. Potash Corp. of Saskatchewan Inc. fell 2 per cent soon after trading began, following a harrowing 8.4 per cent drop on Wednesday. Agrium Inc. fell 6.9 per cent in early trading. Gold stocks were also weaker, with Barrick Gold Corp. down 1.3 per cent.
However, the benchmark index was spared the sort of volatility it endured on Wednesday – well, so far – thanks to improving fortunes among financial stocks and energy stocks. Royal Bank of Canada rose 1.3 per cent and Bank of Montreal rose 0.9 per cent. Among the energy stocks, Suncor Energy Inc. rose 1.6 per cent – a partial rebound following Wednesday's 4.8 per cent plunge – and Talisman Energy Inc. rose 0.8 per cent.
Crude oil traded at $144.44 (U.S.) a barrel, up 87 cents. Gold fell to $933.73 an ounce, down $11.42.
The Dow Jones industrial average rose 5 points, to 11,220. The broader S&P 500 rose 5 points, to 1266. Both indexes began trading much higher, with financials paving the way – but turned south as the morning progressed. General Motors Corp. rose 1.4 per cent, a small victory considering it hit a 54-year low on Wednesday. JPMorgan Chase & Co. rose 1.1 per cent.
Chip-makers were hit hard. Nvidia Corp., the graphics chip maker, plunged 29.3 per cent after it lowered its earnings guidance for the second quarter, dragging down others. Intel Corp. fell 2.1 per cent.
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