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News from Reuters

Magna shares jump after it posted surprise profit

06/11/09

TORONTO (Reuters) - Shares of Magna International Inc were up nearly 10 percent on Friday, a day after the auto parts maker announced a surprise quarterly profit and said it would focus on its core business after its deal to buy a stake in General Motors Co's Opel unit collapsed.

Shares of the Canadian company were up C$4.55, or 9.7 percent, to C$51.62 on the Toronto Stock Exchange shortly after market open. It reported its results after market close on Thursday.

($1=$1.07 Canadian)

(Reporting by John McCrank)

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