CANADA STOCKS-Banks give TSX a modest lift, but Potash weighs

Mon Nov 15, 2010 11:26am EST
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* TSX up 23.35 points, or 0.2 percent, at 12,772.12

* Two of the 10 main groups lower

* Potash Corp down more than 2 percent (Adds details, quotes)

By Solarina Ho

TORONTO, Nov 15 (Reuters) - Toronto's main stock index was slightly higher on Monday morning as banks led a broad rebound from Friday's selloff, but a decline by Potash Corp (POT.TO: Quote) tempered gains.

Potash shares were down 2.2 percent, at C$138.31 and the biggest market mover. Fellow fertilizer producer Agrium Inc (AGU.TO: Quote) slid 2.6 percent to C$79.55.

BHP Billiton (BHP.AX: Quote) scrapped its $39 billion takeover bid for Potash, a move that came shortly after Canadian regulators blocked the offer.

"It's going to be interesting to see how much the stock drops," said John Kinsey, a portfolio manager at Caldwell Securities Ltd.

"It's a matter now to see whether the people that sold because they didn't want to tender did the right thing or not. So far it's looking pretty good for them."   Continued...