Shares in the world’s largest fertilizer company, Canada’s Nutrien, jumped as much as 7.7% to their best daily performance since March 2020, as did shares in other companies that also soared after recording profits from higher prices and tightening scenario in the global supply of fertilizers.
The company’s quarterly profit rose tenfold to a record as the invasion of Ukraine by major exporter Russia raises crop prices and raises concerns about fertilizer availability.
Nutrien may increase its potassium production in response to the global supply shortfall.
Rivals Mosaic and CF Industries Holdings are among the top gainers on the S&P 500 Index after rising as much as 8.8% and 5.9%, respectively.
Mosaic’s profit rose sevenfold to a multi-year high, narrowly beating estimates. Mosaic predicts the global potassium deficit will last two to four years. Intrepid Potash shares are up nearly 14%.
Source: CNN Brasil
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