Canada Stocks Moves Higher; Blackberry Very Volatile; Fortis Most Active
Canadian stocks moved higher on Friday, reversing most of Thursday decline. Most sectors were higher led by Metals and Mining along with Energy, Stocks were buoyed despite news that Russian troops were massing along Ukrainian border. The TSX halted a two day slide, holding support levels near the 40-day moving average near 14,125.
Blackberry's (BBRY, BB.TO) fourth quarter result has drawn a mixed response from market watchers on Friday, based on interviews conducted on Canada's BNN TV. This is reflected in the share price, with Blackberry Closing down 6.5% on the TSX having reached an early day high of $10.65.
The MT Newswires U.S. team early on Friday reported BlackBerry had a Q4 adjusted loss of $0.08 per share, better than expectations of a loss of $0.54 per share.
Fortis Inc (FTS.TO) was the most active share on the TSX climbing 0.3% with 18 million shares changing hands. On Friday, company announced that it has priced a private placement to US-based institutional investors of US$500 million in Senior Unsecured Notes.
Net proceeds from the sale of the Notes will be used to refinance existing indebtedness, including the US$150 million 5.74% Senior Unsecured Notes of Fortis maturing on October 30, 2014 and $125 million 5.56% Unsecured Debentures of a subsidiary maturing on September 15, 2014, and for general corporate purposes, including repayment of US-dollar drawings on the Corporation's committed credit facility.
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