TSX closes slightly higher; RIM rises 12.9 percent

Fri Jan 11, 2013 6:28pm EST
 
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By Solarina Ho

TORONTO (Reuters) - Canada's main stock index rose slightly, but eked out enough of a gain to finish with its strongest close in 10 months, as a big rise in Research In Motion Ltd RIM.TO shares offset a decline in mining stocks.

This was the fourth straight gain for the index and investors were looking ahead to next week's busy earnings schedule in the United States.

"I do think that confidence is building up in the market," said Patrick Blais, director and senior investment analyst at Manulife Asset Management.

"Overall, earnings are definitely surprising to the upside and impacting the market positively."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE nudged up 2.44 points, or 0.02 percent to 12,602.18.

This was the index's highest finish since early March. Six of the index's 10 main groups, however, were in negative territory. The index rose 0.48 percent for the week.

"The markets have come out of the gates pretty good this year and I think investors are having a really hard time identifying where the new leadership is going to come from," said Mike Newton, associate director and portfolio manager at Macquarie Private Wealth Inc.

Volatile RIM shares jumped 12.9 percent to finish at C$13.31, after trading lower early in the session. Investors were positioning themselves ahead of the BlackBerry maker's new smartphones set to launch at the end of the month, analysts said.   Continued...

 
A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch