Canadian stocks rose, capping a second week of gains for the benchmark index, on speculation the U.S. Federal Reserve will maintain monetary stimulus and as China’s ruling party announced changes to economic policy.
Rayonier Inc., a maker of specialty wood pulp used in cigarette filters, fell the most in almost five years after a company executive said prices for the commodity may decline amid plentiful global supplies.
West Fraser Timber Co., North America’s largest lumber producer, is forecast to surpass the record it touched in April as analysts look beyond a slump in wood prices to focus on the recovering U.S. housing industry.
Resolute Forest Products Inc. Chief Executive Officer Richard Garneau says the world’s largest newsprint maker will consider acquisitions as lower borrowing costs aid a push into more lucrative products.
The U.S. Coalition for Fair Lumber Imports may file a trade complaint against British Columbia wood producers over increased processing of timber that has low government harvesting fees, RBC Capital Markets said.
Wood-panel makers Norbord Inc. and Ainsworth Lumber Co., among the best-performing Canadian stocks this year, will probably cool in 2013 as the accelerating U.S. housing recovery entices producers to restart idled mills.
Weyerhaeuser Co., a U.S. real-estate investment trust that owns timberland, agreed to buy Longview Timber LLC for $2.65 billion including debt from affiliates of Brookfield Asset Management Inc. in the third-largest forestry acquisition in North America.
International Paper Co. may cut its $3.31 billion takeover offer for Temple-Inland Inc. after shares of rival packaging makers fell and the U.S. economic outlook weakened, Royal Bank of Canada and Deutsche Bank AG said.