TSX UP AS BCE TO TAKE BELL ALIANT PRIVATE

A multibillion dollar deal in the telecom sector and a potential purchase in the Canadian oil patch helped push the Toronto stock market higher on Wednesday.

The S&P/TSX composite index gained 79.25 points to 15,394.38 — the latest in a string of record-high closes.

BCE Inc. is moving to privatize affiliate Bell Aliant in a deal worth roughly $3.95-billion. The telecom giant already controls 44 per cent of the regional telecommunications company.

Bell Aliant shareholders will receive cash and BCE shares for a combined value of $31 per share. BCE shares were up 81 cents to $49.82, while Bell Aliant shot up $3.34 to $31.53.

BCE said it plans a capital investment of $2.1 billion across Atlantic Canada over the next five years to continue the rollout of broadband wireline and wireless for consumers and business users. Avenue Advisory in Ottawa. Also, Talisman Energy acknowledged that it has been approached by Spanish energy giant Repsol. Talisman said “there is no assurance that any transaction will be agreed.” Talisman shares soared $1.40 or 13.25 per cent to $11.97.

The Canadian dollar was up 0.07 of a cent to US93.21 cents.

In New York, Boeing helped depress the Dow industrials as the aerospace giant reported a profit of US$1.65 billion, or $2.24 a share, beating estimates of $2.01 a share. However, revenue of US$22.05 billion nar- rowly missed expectations of $22.23 billion and its shares slipped 2.34 per cent to $126.71, even as Boeing boosted its earnings guidance for the year. The Dow lost 26.91 points to 17,086.63. A well-received report from Apple helped push the Nasdaq to its highest level since September 2000 — up 17.68 points to 4,473.7.

Apple Inc. reported a 12 per cent increase in its quarterly profit, exceeding analyst estimates as iPhone shipments rose 13 per cent compared with a year earlier and its shares gained 2.6 per cent to US$97.19.

After the close, Facebook posted earnings per share ex-items of 42 cents, a dime better than estimates. Revenue of $2.91 billion beat estimates of $2.81. However, its shares were off 0.6 per cent in after-hours trading.

The S&P 500 index added 3.48 points to a fresh record close of 1,987.01.

Traders also kept an eye on simmering tensions between Russia and the West as Ukraine’s Defence Ministry said two Ukrainian military fighter jets had been shot down in the eastern part of the country.

There was relief on markets Tuesday after the European Union stopped well short of moving to so-called Phase 3 sanctions against Moscow.

On the TSX, the metals and mining sector was ahead 1.44 per cent with September copper unchanged at US$3.21 a pound.

The energy sector climbed 1.24 per cent, while crude oil in New York rose 63 cents to US$103.12 a barrel. The gold sector slipped about 0.52 per cent as bullion faded $1.60 to US$1,304.50 an ounce.