CANADA STOCKS-TSX rises on resources; notches quarterly gains

Fri Mar 30, 2012 5:42pm EDT
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* TSX shed 0.6 pct for the week; up 3.7 pct for the quarter
    * Nine of 10 main sectors higher; financials down 0.2 pct
    * RIM shares gain on shake-up hopes

    By Jennifer Kwan	
    TORONTO, March 30 (Reuters) - Toronto's main stock index
ended on a positive note on Friday after falling for three
straight sessions, led by firm commodity prices as the
resource-heavy market notched its best quarterly gain in a year.	
    The market's key pillars of materials and energy,
representing some 40 percent of the broader index, led the way
higher in tandem with U.S. equities that were buoyed by
reassuring U.S. consumer spending and sentiment data. 	
    Big names on the upside included Potash Corp, up
1.3 percent at C$45.54, and Goldcorp, which gained 1.5
percent at C$44.96. Canadian Natural Resources climbed
1.9 percent to C$33.06. Oil, gold and base metals were all
firmer, supporting moves higher in resource shares. GOL/]
    "We're certainly seeing buying on the dips. That's quite
obvious from the fact that the two of the better sector
performers today were energy and materials, and those sectors
have been among the worst performers over the quarter," said
Elvis Picardo, strategist at Global Securities in Vancouver.	
    The Toronto Stock Exchange's S&P/TSX composite index
 ended the day up 52.82 points, or 0.43 percent, at
12,392.18, with most of its 10 main sectors higher. Earlier, it
rose to a high of 12,433.31.	
    The index shed 0.6 percent for the week, but gained 3.7
percent for the quarter, its best quarterly performance since
March 2011.	
    Research in Motion was among the most heavily
traded stocks, and its shares climbed 6.9 percent to C$14.63, as
investors were heartened by a shake-up at the company, market
strategists said.	
    A candid diagnosis of the troubles facing the BlackBerry
maker delivered by new Chief Executive Thorsten Heins was a
welcome change for its stakeholders, but his prescription for
returning the company to health might be hard to swallow.
    Former co-CEO Jim Balsillie stepped down as director, part
of a shake-up of the company's senior ranks by its new chief
    "(RIM's) been beaten up pretty badly so I would think that
maybe the market likes the resignations and is hoping somebody
will come in with a new brush and clean up the mess," said John
Kinsey, portfolio manager at Caldwell Securities.	
    RIM recorded its first quarterly loss in seven years on
Thursday and said it would no longer issue financial forecasts.
A prolonged slump in sales of its smartphones shows no signs of
abating, it said, at least until it can launch its
next-generation line-up later this year.