Saturday, May 24, 2008

UPDATE 1-TSX Group hurt by downgrade, service disruption

(Adds quotes, updates stock price)

By Leah Schnurr

TORONTO, May 23 (Reuters) - A trade halt for Canada's hottest stock on Thursday highlighted concerns about the country's premier stock market and opportunities for its smaller rivals, and sent shares in Toronto Stock Exchange operator TSX Group (X.TO: Quote, Profile, Research) down by 3.8 percent on Friday.

The Toronto Stock Exchange halted actively traded telecom company BCE Inc (BCE.TO: Quote, Profile, Research) a few hours before the market closed on Thursday, forcing investors to trade in New York or on the rival Pure Trading system.

An unusually large 26 million shares changed hands before the halt as investors ran for the exits after a court decision that raised concerns over the outcome of a C$34.8 billion ($35.2 billion) buyout. BCE shares fell 12 percent.

No comments: