TORONTO, Aug 18 (Reuters) - Toronto’s main stock index turned higher on Wednesday as strength in takeover target Potash Corp overtook weakness in energy shares.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE rose 0.74 of a point to 11,729.38, and then wobbled around the unchanged mark. Six of the index’s 10 main groups were higher, but a 0.8 percent drop in the energy group, due to a falling oil price, weighed heavily on the index.
Market focus was on developments in BHP Billiton’s (BHP.AX) (BLT.L) attempt to buy Potash Corp (POT.TO). BHP said it would take its $130-a-share offer directly to shareholders, bypassing Potash Corp’s board, which a day earlier called the bid “grossly inadequate”. Potash Corp was up 3.66 percent at C$152.74 [ID:nSGE67H031]
$1=$1.03 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway