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
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