CANADA STOCKS-TSX turns higher, Potash overtakes weak energy

Wed Aug 18, 2010 10:23am EDT
 
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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)