TSX advances as energy shares, BlackBerry drive gains

Mon Mar 11, 2013 4:58pm EDT
 
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By John Tilak

TORONTO (Reuters) - Canada's main stock index closed higher on Monday, helped by gains in the energy sector and a 14 percent jump in BlackBerry (BB.TO: Quote) shares on takeover speculation and U.S. market launch plans.

BlackBerry shares gained after U.S. wireless carrier AT&T Inc (T.N: Quote) said it would start selling the highly anticipated BlackBerry Z10 touchscreen smartphone to customers by March 22, with early sales of the devices to begin on Tuesday.

Comments from the head of China's Lenovo Group Ltd (0992.HK: Quote), who said the personal computer maker might consider an acquisition of Canada's BlackBerry in the future, also fueled the gains.

"Hope springs eternal that it's going to be the turnaround story," said John Ing, president of Maison Placements Canada.

"It's a typical momentum stock, and right now the mo' is going on the upside."

BlackBerry's stock climbed to C$15.29, helping the information technology sector rise 3.7 percent.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed up 22.88 points, or 0.18 percent, at 12,858.49. Six of the 10 main sectors on the index were higher.

The energy sector gained 0.3 percent. Suncor Energy Inc (SU.TO: Quote), Canada's largest energy company, was up 0.4 percent to C$31.58.   Continued...

 
People attend a market open ceremony for the Toronto Stock Exchange at the TSX Broadcast Centre in Toronto June 20, 2008. REUTERS/Mark Blinch