November 22, 2024 | 11:06 GMT +7
Hotline: 0913.378.918
November 22, 2024 | 11:06 GMT +7
Hotline: 0913.378.918
The move could help Mosaic, which stands to benefit from rising prices that might stem from potential potash production cuts.
Shares of fertilizer producer The Mosaic Company (MOS) jumped over 5% on Monday, posting the strongest performance of any stock in the S&P 500 following reports Belarusian President Alexander Lukashenko proposed potash production cuts in an effort to boost prices.
Lukashenko reportedly met Monday with Andrey Rybakov, new chief executive officer (CEO) of Belaruskali, the Eastern European nation's largest potash fertilizer company, and suggested approaching potash producers in Russia to coordinate cutting production of the potassium-rich chemicals and minerals by 10% to 11%.
The move could lead to higher prices, benefitting Mosaic, with Belarus and Russia jointly accounting for around 40% of global potash exports.
Shares of Mosaic climbed 5.4% to finish at $28.33 Monday, though even with Monday's gains, they've lost more than one-fifth of their value since the start of the year.
Mosaic's stock price has been under pressure in recent months, with the company warning in September that "sustained operational challenges"—including electrical equipment failures at two mines in Saskatchewan, Canada—would reduce its potash production and shipment volumes by 200,000 to 300,000 tonnes in the third quarter.
Mosaic is set to report third-quarter results before markets open on Nov. 12.
(Yahoo/Finance)
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