CANADA STOCKS-TSX rises; merger report boosts fertilizer companies

Tue Aug 30, 2016 10:31am EDT
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* TSX up 45.41 points, or 0.31 percent, at 14,727.38

* Six of the TSX's 10 main groups are higher

TORONTO Aug 30 (Reuters) - Canada's main stock index rose in early trade on Tuesday, boosted by a rebound in energy stocks and further gains for financials, while a report of a possible merger sent shares of two fertilizer companies soaring.

Bank of Nova Scotia was one of the biggest gainers, with the country's third-biggest lender up 1.5 percent at C$69.92 after reporting earnings above expectations even as it reins in domestic mortgage lending.

The financials group was up 0.7 percent overall, as Scotia's earnings rounded out a robust earnings season for banks.

Shares of fertilizer companies Potash Corp and Agrium Inc jumped after Bloomberg reported that the two are in talks to merge.

Potash Corp was up 11.5 percent at C$23.30 and Agrium rose 7.1 percent to C$124.81 before both stocks were halted.

At 10:25 a.m. EDT (1425 GMT) the Toronto Stock Exchange's S&P/TSX composite index was up 45.41 points, or 0.31 percent, at 14,727.38. Six of its 10 main groups gained.

The energy group was up 0.8 percent overall as crude prices rose with the threat of a tropical storm limiting U.S. Gulf production and talk of a concerted move to prop up prices re-emerged.   Continued...