CANADA STOCKS-TSX hits 4-week low but BlackBerry soars on takeover report

Wed Jan 14, 2015 4:55pm EST
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* TSX down 102.73 points, or 0.72 percent, at 14,084.43

* Seven of 10 main index sectors decline

* First Quantum, Teck slump with copper price

* BlackBerry jumps 30 percent on takeover report

By John Tilak and Rod Nickel

TORONTO/WINNIPEG, Jan 14 (Reuters) - 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.   Continued...