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A cup of Tim Hortons coffee is pictured Burger King Whopper at a Burger King restaurant in Toronto on Monday August 25, 2014. (Chris Young for The Globe and Mail)

A cup of Tim Hortons coffee is pictured Burger King Whopper at a Burger King restaurant in Toronto on Monday August 25, 2014.

(Chris Young for The Globe and Mail)

At the open: TSX advances amid Burger King/Tim Hortons deal Add to ...

The Toronto stock market was higher Tuesday, boosted in part by major corporate deal making as Burger King announced it’s buying Tim Hortons. The cash and stock deal is worth about $11-billion (U.S.) and will create the world’s third-largest quick service restaurant company.

The S&P/TSX composite index was up 44.03 points to 15,642.77 as traders also looked over mixed earnings results from Bank of Montreal and Scotiabank.

Globe and Mail Update Aug. 25 2014, 7:00 PM EDT

Video: Market View: Will we still love Tim Hortons if it's no longer Canadian?

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The Canadian dollar rose 0.15 of a cent to 91.22 cents (U.S.).

Burger King is buying the iconic Canadian coffee-and-doughnut chain in a deal that will see the parent of the U.S. firm, investment company 3G Capital, own 51 per cent of the new entity.

Tim Hortons shareholders will receive $65.50 in cash and 0.8025 common shares of the new company for every Tim Hortons share. Based on Burger King’s unaffected closing stock price as of Aug. 22, 2014, this represents total value per Tim Hortons share of $89.32 (Canadian) and based on Burger King’s closing stock price as of Aug. 25, 2014, this represents total value per Tim Hortons share of $94.05.

Tim Hortons shares were up 8.6 per cent to $81.16. Shares in Burger King ticked one per cent higher to $32.73 (U.S.). Both shares surged almost 20 per cent on Monday when reports of the deal first surfaced.

Meanwhile, Scotiabank posted quarterly net income of $2.35-billion (Canadian) or $1.85 a share, up from $1.74-billion or $1.36 a share a year ago as the bank benefited from the sale of its majority interest in CI Financial. Adjusted earnings were $1.40, missing estimates by a penny. The bank also upped its dividend by two cents a share, but Scotiabank shares fell $1.52 to $72.67.

Bank of Montreal reported a third-quarter net income of $1.126-billion, or $1.67 per share, relatively unchanged from the same time last year.

Excluding one-time items, adjusted net income was $1.16-billion, up four per cent, on $1.73 in adjusted earnings per share. Analysts had expected $1.66 in adjusted earnings per share. Revenue grew 10 per cent to $4.2-billion and its shares rose 59 cents to $82.40.

New York indexes were also higher with the Dow Jones industrials ahead 39.85 points to 17,116.72, the Nasdaq rose 1.61 points to 4,558.96 and the S&P 500 index climbed 2.61 points at 2,000.53.

Investors digested data showing U.S., durable goods orders during July jumped 22.6 per cent, reflecting a huge increase in orders at aircraft giant Boeing. Excluding transportation, orders actually declined 0.8 per cent.

Canadian economic growth data for June and the second quarter comes out Friday.

The financials sector was the only TSX decliner.

Advancers were led by the gold sector, ahead 1.2 per cent as December bullion gained $8.20 to $1,287.10 (U.S.) an ounce.

The energy sector was ahead 0.75 per cent while October crude in New York was 94 cents higher to $94.29 a barrel.

September copper dipped a penny to $3.21 a pound and the base metals sector was up 0.67 per cent.

On the geopolitical front, the presidents of Ukraine, Russia and Belarus were meeting Tuesday in Minsk, Belarus, in a possible step toward trying to reach a negotiated end to unrest in Ukraine.

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