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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.

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