Canadian Stocks Higher, Energy Stocks Pacing Upward Push; Nexen Adds 2% After Buyout Clears Final Hurdle

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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 ( AFH ) 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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This article appears in: Investing , Commodities

Referenced Stocks: AFH

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