CANADA STOCKS-TSX slips; Potash-Agrium merger, Open Text deal limit loss

Mon Sep 12, 2016 11:04am EDT
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(Updates prices)

* TSX down 13.62 points, or 0.09 percent, to 14,526.38

* Half of the TSX's 10 main groups move higher

* Financial stocks weigh as global indices fall

TORONTO, Sept 12 (Reuters) - Canada's main stock index slipped on Monday as banks fell with a retreat in overseas equities markets, but losses were cushioned by companies gaining on domestic merger activity.

Open Text Corp soared 7.8 percent to C$84.02 after the software company said it had agreed to buy Dell-EMC's enterprise content division for $1.62 billion.

Potash Corp rose 1.7 percent to C$22.51 after agreeing to merge with Agrium Inc in a deal that would create a fertilizer giant with an enterprise value of about $36 billion but could draw scrutiny from U.S regulators.

Agrium rose initially before turning negative and was last down 0.9 percent at C$123.01.

The broader index was slightly lower despite the deal-inspired gains, hurt by bearish sentiment stoked by Asian stocks suffering their sharpest setback since June and European stocks falling as much as 2 percent.   Continued...