Canadian stocks are up around 60 points and near session highs
mid-Tuesday afternoon with all sectors expect Utilities higher, led
by gains among energy stocks. Shares of Nexen Inc. (NXY.TO, NXY)
are up 2% and have hit 52 week highs on the TSX after the Committee
on Foreign Investment in the United States approved CNOOC's $15.1
billion bid to acquire the Canadian energy firm, clearing the way
for the deal to close the week of Feb. 25.
Technology stocks have turned positive as a gropu, helped by the
fact that Blackberry Inc (BB.TO, BBRY) is edging back from session
lows, although still down 1.8%. Also, Wi-LAN Corp (WIN.TO, WILN)
has turned positive.
In other company news, Kingsway Financial Services (KFS.TO, KFS)
is up more than 5% and hit 52 week highs after the Toronto-based
property and casualty insurance carrier sold 2.625 million of its
shares in Atlas Financial Holdings (
) during its initial public offering of stocks today.
KFS pocketed about $13.8 million in net proceeds after offering
expenses and other fees were deducted. The deal went out at $5.95
per share with KFS in recent days trimming the number of shares it
planned to sell by slightly over 400,000 shares, according to
offering documents filed last week with the U.S. Securities and
Exchange Commission. KFS still owns about 1.16 million AFH shares
worth about $6.9 million.
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