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Stockhouse & the Bell: Stocks mixed as BCE moves to take Bell Aliant private, Repsol mulls Talisman

Stockhouse Editorial
0 Comments| July 23, 2014


A multibillion-dollar deal in the telecom sector and a major potential purchase in the Canadian oilpatch helped push the Toronto stock market higher.

The S&P/TSX composite index gained 79.25 points to 15,394.38 _ the latest in a string of record-high closes.

BCE Inc. (TSX: T.BCEStock Forum) already owns 44 per cent of Atlantic regional subsidiary Bell Aliant Inc. (TSX: T.BA, Stock Forum). Now, it's buying the shares it doesn't own in a deal worth almost $4 billion. BCE made the announcement as it said it plans a capital investment of $2.1 billion across Atlantic Canada over the next five years to continue the rollout of broadband wireline and wireless services.

Also, Talisman Energy Inc. (TSX: T.TLM, Stock Forum) acknowledged that it has been approached by Spanish energy giant Repsol. Talisman added that ``there is no assurance that any transaction will be agreed'' and said it won't comment further. Its shares shot up 13 per cent.

The Canadian dollar was up 0.07 of a cent to 93.21 cents US.

The Dow lost 26.91 points to 17,086.63. But a well-received earnings report from Apple helped push the Nasdaq to its highest level since September 2000 _ up 17.68 points to 4,473.7. The S&P 500 index added 3.48 points to a fresh record close of 1,987.01.

For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report


Tags: OIL & GAS E&P ENERGY TELECOM SERVICES COMMUNICATION SERVICES

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