TSX sets all-time high close on BlackBerry, miners
By John Tilak
TORONTO (Reuters) - Canada's main stock index notched its highest ever close on Thursday as gains in BlackBerry BB.TO, following the smartphone maker's quarterly results, and in gold mining shares helped overcome weakness in the broader market.
BlackBerry shares shot up 9.3 percent after the company reported a smaller-than-expected quarterly loss as its cost-cutting campaign and other turnaround efforts looked as if they were starting to pay off.
An advance of 4.8 percent in gold miners' shares, which tracked a soaring bullion price, also provided support.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed up 2.97 points, or 0.02 percent, at 15,112.22.
The benchmark has climbed about 11 percent this year and is just shy of its record intraday high. But the recent gains have made investors take a closer look at share prices to see if they might have run ahead of themselves.
"In this type of environment, investors are going to look around and see which groups are leveraged to global growth and still trading at attractive valuations," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
The materials group, which includes mining shares, looks very appealing on that basis, he added.
Eight of the 10 main sectors on the index ended in the red on Thursday. Continued...