Canada Stocks Close Higher; Blackberry Calls Sale Off and is Most Active Share
Canadian stocks closed higher on Monday, reversing losses seen earlier in the trading session. Most sectors were lower, with Info Tech generating headwinds for the broader market.
BlackBerry was a major drag on the Info Tech sector as the company announced that it is abandoning a plan to sell itself, and said on Monday its chief executive will resign.
The company reported that Chief Executive Thorsten Heins will leave in about two weeks, as soon as the Fairfax-led private placement of convertible debentures closes. His interim successor will be John Chen, the former CEO of Sybase, a database software company that SAP AG acquired in 2010. The stock was the most active share closing down 16.5% with 8 million shares changing hands.