Canada's main stock index dropped to its lowest in four weeks on Wednesday after the World Bank cut its global growth forecasts, but BlackBerry Ltd jumped after a report said Samsung Electronics Co had approached it about a takeover.
Samsung recently talked to BlackBerry about buying the smartphone maker for as much as $7.5 billion, looking to gain access to its patent portfolio, according to a person familiar with the matter and documents seen by Reuters. BlackBerry shares shot up nearly 30 percent.
The World Bank said it had lowered its economic growth projections for this year and next due to disappointing prospects in the euro zone, Japan and some major emerging economies.
Some mining shares were also hit hard by a dive in copper prices. First Quantum Minerals Ltd shed 13.1 percent to C$11.70 and Teck Resources Ltd tumbled 6.5 percent to C$13.71. The two stocks were among the most influential decliners on the index.
The Toronto stock market's benchmark TSX index has fallen in each of the last four sessions and is down nearly 4 percent since the start of the year.
The Toronto Stock Exchange's S&P/TSX composite index closed down 102.73 points, or 0.72 percent, at 14,084.43. During the session it fell as low as 13,892.
Seven of the 10 main sectors on the index were in the red.
Financials, the index's most heavily weighted sector, gave back 1.8 percent. Toronto-Dominion Bank lost 2.7 percent to C$50.54, and Royal Bank of Canada declined 1.3 percent to C$75.68.
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