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BlackBerry shares surged in New York trading after the former smartphone maker revealed that it had won an almost $815m award in a royalties arbitration case against Qualcomm.

Investors sent BlackBerry shares soaring by 17.4 per cent shortly after the opening bell to $9.02. It would mark the highest close since January 2016, according to Bloomberg data.

Shares in Qualcomm had the opposite reaction, sinking 1.9 per cent.

Copyright The Financial Times Limited 2018. All rights reserved.

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