Stocks Rebound But Investors Boo Fertilizer Merger -- Canadian Commentary

(RTTNews) - Canadian stocks rose Monday, snapping back from significant losses in the previous session, after the merger fertilizer giants Agrium and Potash.

The S&P/TSX Composite Index was up 57.06 points, or 0.39 percent, to 14,597.06.

Gold stocks jumped 3.3 percent as Fed Governor Lael Brainderd said the economy needs more support before raising interest rates.

Agrium Inc. (AGU.TO, AGU) and Potash Corporation of Saskatchewan Inc. (POT.TO, POT) announced they have agreed to combine in a merger of equals.

Agrium lost 2.5 percent, while Potash fell 1.2 percent. The combined value of the agricultural product companies will be $36 billion.

Crude oil prices were higher, even as OPEC raised its forecast of oil supplies from non-member countries in 2017.

WestJet (WJA.TO) reported higher load capacity. Shares eased 1.8 percent.

Open Text (OTC.TO) will buy Dell EMC's Enterprise Content Division, including Documentum. The purchase price of the deal is $1.62 billion. The stock jumped 9 percent.