UPDATE 1-Canada March wholesale trade doubles forecasts

(Adds details)

OTTAWA, May 19 (BestGrowthStock) – Canadian wholesale trade grew
twice as much as expected in March at 1.4 percent, led by
machinery and equipment and building materials, Statistics
Canada said on Wednesday.

Sales were up 10.3 percent from a year earlier. Volumes
also got a boost, rising 2.2 percent, as wholesalers took
advantage of the appreciation of the Canadian dollar versus the
U.S. dollar to import more cheaply.

Analysts in a Reuters poll had forecast, on average,
wholesale trade growth of 0.7 percent in the month. Sales had
dipped 1.5 percent in February, Statscan said, revised from a
drop of 1.2 percent previously.

Six of the seven wholesale sectors reported gains in March.
Machinery, equipment and supplies jumped 4.9 percent to their
highest level in over a year while sales of building materials
and supplies continued an upward trend that began in mid-2009.

Inventories dipped 0.2 percent following a 0.3 percent
increase in February, bringing the inventory to sales ratio to
1.15 in March from 1.17 previously.
Stock Today

(Reporting by Louise Egan; Editing by Theodore d’Afflisio)

UPDATE 1-Canada March wholesale trade doubles forecasts