Canada Stocks Close Lower; Snaps 4-day Winning Streak; Blackberry In The News


Canada stocks closed lower on Monday after Chinese manufacturing contracted for a fourth month in April amid concerns about a renewed China economic slowdown. Most sectors were lower, with Metals and Mining along with Info Tech driving loses.

Brent and West Texas Intermediate crudes dropped on the Chinese manufacturing data. Gold ended at its highest level in three weeks on Monday amid some safe haven buying related to a softer U.S. dollar and tensions in Ukraine.

News relating to embattled Canadian smart phone maker BlackBerry Limited (BBRY, BB.TO) is usually big news in this part of the world, and today was no different. Blackberry announced that Spear Street Capital, LLC has waived its due diligence condition as part of BlackBerry's previously-announced agreement to sell the majority of its real estate holdings in Canada. Spear Street has agreed to purchase the properties for C$305 million, or approximately US$278 million. The parties expect to complete the sale of properties valued at approximately 80% of this total later this month, with the sale of the remaining properties to be completed during the third calendar quarter of 2014, subject to customary closing conditions in each case. Under the terms of the transaction, BlackBerry will sell more than 3 million square feet of space as well as vacant lands. BlackBerry will lease back a portion of the space as the Company continues to have a strong presence in Canada with Waterloo continuing as the home of its global headquarters.

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This article appears in: Investing , Commodities

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