CANADA STOCKS-TSX rallies as Potash pushes materials higher

Tue Aug 17, 2010 4:07pm EDT
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TORONTO Aug 17 (Reuters) - Toronto's main stock index shot higher on Tuesday as Potash Corp (POT.TO: Quote) soared after rejecting an unsolicited $38.6 billion takeover offer from BHP Billiton (BHP.AX: Quote), raising the prospect of a higher bid and other takeover activity in the fertilizer sector.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed up 175.88 points, or 1.52 percent, at 11,728.64. The materials group, up 4.3 percent, led the charge higher. (Reporting by Jennifer Kwan; editing by Rob Wilson)