UPDATE 1-Weak resources take Toronto stocks down, BCE stars
(Updates to midmorning)
*TSX falls as resource shares slip with commodities
*BCE jumps after says finalizes funding at C$42.75 a share
TORONTO, July 4 (Reuters) - The Toronto Stock Exchange's main index sagged on Friday morning, pulled lower by weak resource companies while commodity prices softened.
But losses were partly offset by a big jump in shares of BCE Inc (BCE.TO: Quote) after the telecom company said its buyers had finalized funding and were sticking to the agreed purchase price of C$42.75 a share. For details, see: [nN04347499].
BCE jumped C$4.35, or 12.4 percent, to C$39.50.
Francis Campeau, broker at MF Global Canada, in Montreal, said the stock looked unlikely to go much above C$40 until the banks financing the deal provide more information,
In the past year since the deal was announced, BCE's shares have traded below the proposed purchase price amid speculation that the deal could be repriced or even scrapped, amid the impact of the credit crunch on financial markets.
The S&P/TSX composite index .GSPTSE was down 53.63 points, or 0.38 percent, at 14,089.94, with all but three of its 10 main sectors in a downturn. The index touched a session low of 14,017.75 soon after the open. Continued...