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Stocks mixed in early trading amid strong earnings news; BCE set to privatize Bell Aliant

Canadian Press, The Canadian Press
0 Comments| July 23, 2014

TORONTO _ The Toronto stock market was slightly higher amid a multi-billion dollar deal in the telecom sector.

The S&P/TSX composite index edged up 9.89 points to 15,325.02.

BCE Inc. (TSX: T.BCEStock Forumis privatizing regional telecom affiliate Bell Aliant Inc. (TSX: T.BA, Stock Forum) in a deal worth roughly $3.95 billion. The telecom giant already controls 44 per cent of Bell Aliant and is acquiring the remaining approximately 127.5 million common shares it doesn't own. Those minority shareholders will receive cash and BCE shares for a combined value of $31 per share. BCE shares added 16 cents to $49.17 while Bell Aliant ran up $2.96 to $31.15.

The Canadian dollar was up 0.07 of a cent to 93.21 cents US amid a better than expected showing in retail sales during May. Statistics Canada reported that retail sales rose 0.7 per cent during May, which was higher than the 0.6 per cent hike that economists had expected.

U.S. indexes were mixed amid a strong earnings report from aerospace giant Boeing (NYSE: BAStock Forum)along with Apple Inc. (Nasdaq: AAPLStock Forum) and Microsoft Corp.'s (NASDAQ: MSFT, Stock Forum).

The Dow Jones industrials declined 11.63 Tpoints to 17,101.91, the Nasdaq rose 15.01 points to 4,471.03 and the S&P 500 index climbed 3.93 points to 1,987.46.


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