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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (5646)	5/2/2000 4:19:00 PM
From: Kenneth E. Phillipps	Read Replies (2) \| Respond to of 14638

I think we have seen the worst. Record Volume on the Toronto Exchange today. Toronto Stock Exchange soars to record value Updated 3:25 PM ET May 2, 2000 TORONTO (Reuters) - BCE Inc.'s spinoff of communications equipment firm Nortel Networks Corp. spurred frantic dealing on Canada's largest bourse Tuesday and pushed trading value to a record high. In late afternoon action, the value of the TSE's activity was more than C$12.73 billion, almost doubling the record hit four weeks of C$6.6 billion. This came as more than 180 million shares changed hands in 93,000 transactions. "This is almost double the previous of C$6.6 billion. I don't know if we'll see another day like this," said TSE spokesman Steve Kee. Amid the frenzied trading, the TSE 300 composite index softened 23.76 points, or 0.33 percent, to 9503.50 by midafternoon. Prompting the value rise was a strong interest in TSE heavyweights, particularly two issues of BCE and in Nortel . These two companies make up almost 30 percent of the overall TSE 300 index. BCE's new stock -- without the Nortel component -- which is trading on a when-issued basis, was up 60 Canadian cents at C$42.60, on a volume of 34.8 million shares. The company's regular shares were down C$3 at C$175.50, on a volume of 28.9 million shares, while Nortel dropped C$6.25 to C$169 on a volume of 24.7 million shares. The massive turnover in these shares came one day after Nortel and BCE finalized a plan to spin off BCE's stake in Nortel, valued at about C$88.5-billion ($60-billion). BCE distributed its 35-percent stake of 504.9 million shares in Nortel to its shareholders, while maintaining a 2-percent holding. Under the "butterfly reorganization," so called because it separates parts of a company like the wings of a butterfly, BCE's roughly 500,000 shareholders keep their BCE stock and get 0.785 of a Nortel common share for each BCE share they hold. Nortel shareholders receive one common share in a new public company in exchange for each of their Nortel common shares. The Ontario Superior Court of Justice approved the plan on Friday, after shareholders for both companies okayed the deal last week. ($1-$1.49 Canadian)