TSX off 10-month high, energy weakness offsets RIM jump

Mon Jan 14, 2013 4:57pm EST
 
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By John Tilak

TORONTO (Reuters) - Canada's main stock index finished short of a 10-month high on Monday as investor optimism for Research In Motion Ltd RIM.TO shares over the upcoming launch of its BlackBerry 10 devices was offset by falling energy shares.

Weakness in the materials sector, which includes mining stocks, also added pressure, while volatile oil prices were a drag on the energy sector. The two heavyweight sectors kept an otherwise positive index in check.

RIM shares extended a 13-percent gain made on Friday. The stock added 10.44 percent to C$14.70 and helped the information technology sector gain 2.48 percent.

"The investor confidence is brought about simply because of hope, and hope that the new BlackBerry 10 is going to be an answer to their prayers," said Fred Ketchen, director of equity trading at ScotiaMcLeod.

"There has been some talk that this is a revival of RIM. We'll have to wait and see," he added.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished little changed, up a 0.91 of a point, or 0.01 percent, at 12,603.09. Earlier, it touched 12,636.68, its highest since March 5, 2012.

The index, which marked its fifth consecutive day of gains, swung back and forth between positive and negative territories in choppy trade.

"There's a lot of indecisiveness out there. People don't really know which way to go and you're getting these markets that aren't really doing much of anything," said Julie Brough, vice president at Morgan Meighen & Associates.   Continued...

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