By Ketki Saxena
Investing.com – The TSX tracked Wall Street higher today, as equities continued to rebound with banking fears receding for the moment, following the rescue of Credit Suisse (SIX:CSGN) and a plan by global central banks to inject liquidity into markets.
The commodity heavy Canadian index was also supported by gains in crude, with the receding fears around banking tempered worries of slowing economic growth and reduced fuel demand.
The Biggest Stories on Bay Street
BlackBerry (TSX:BB) has announced that it will sell nearly all its non-core patents to Malikie for up to US$900 million. The deal includes 32,000 patents, for which BlackBerry will receive US$170 million upfront and another US$30 million no later than three years after the close of the transaction. Blackberry (TSX:BB) will also pay an escalating royalty on profits from the portfolio to reach that US$900 million figure.
First Majestic Silver (TSX:FR) announced it will suspend mining operations at its Jerritt Canyon mine in Nevada, citing higher costs due to inflationary pressures, contractor, “inefficiencies” and extreme weather events. The mine accounts for about a fifth of the company’s overall production.
Canaccord Genuity (TSX:CF) has announced that Amy Freedman and former Ontario Finance Minister Rod Phillips will join its board of directors. The board shuffle is partly in order to replace those directors who departed in disagreement over management plan to take the company private.
Canadian Stocks Moving Markets Today
Top Gainers:
Top Losers:
In Canadian Economics
Statistics Canada reported that inflation cooled in February to 5.2% year over year. Statistics Canada said Tuesday its consumer price index in February was up 5.2 per cent compared with a year earlier. The reading compares with an annual inflation rate of 5.9% in January.