Wholesale sales rise in July
Wholesale sales rose for the first time in nine months in June, mainly due to increases in the automotive products and food, beverages and tobacco products sectors.
Statistics Canada reports sales in current dollars rose 0.6 per cent to $40.4 billion.
In volume terms, the agency says wholesale sales increased one per cent in June; their third consecutive monthly increase. In current dollars, three of the seven sectors, accounting for just over half of total wholesale sales, advanced.
While remaining well below their peak in July 2008, automotive products sales rose 3.3 per cent to $5.8 billion in June, their fifth straight increase since a sharp drop in January. The food, beverages and tobacco products sector rose 1.8 per cent, due mainly to a 1.5 per cent rise in food products trade, which accounts for about 90 per cent of sector sales.
The “other products” sector, consisting primarily of agricultural fertilizers and supplies, chemicals, recycled materials and paper products, posted its fifth straight decline.
Sector sales fell 2.2 per cent to $4.8 billion in June, mainly due to lower sales by agricultural chemical and other farm supplies wholesalers.
March Resources gets new name
CALGARY — March Resources Corp. (TSXV:MCF), a junior Calgary company, is changing its name to Ranger Energy Ltd. and will consolidate its common shares one for three. The changes, approved at the company’s recent annual meeting, are effective today, the company said.
Following the consolidation, Ranger Energy (TSXV:RGG) expects to have more than 21.2 million post-consolidation shares outstanding.
— The Canadian Press