CANADA STOCKS-TSX hits 10-month high, RIM leads pack
* TSX rises 7.75 points, or 0.06 percent, to 12,609.93 * Index hits highest point since March 2012 * RIM shares soar on BB10 hopes By John Tilak TORONTO, Jan 14 (Reuters) - Canada's main stock index rose to a 10-month high on Monday, led by an 11 percent rise in Research In Motion Ltd, as investor optimism over the upcoming launch of its BlackBerry 10 devices gained momentum. Strength in the materials sector, which includes mining stocks, further supported the market, while volatile oil prices were a drag on the energy sector and kept the gains in check. RIM shares were consolidating a 13-percent gain made on Friday. The stock was up 11 percent at C$14.75. "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. At midmorning, the Toronto Stock Exchange's S&P/TSX composite index was up 7.75 points, or 0.06 percent, at 12,609.93, after touching 12,636.68, its highest since March 5, 2012. Five of the 10 main sectors of the index were trading higher. Miner Goldcorp Inc added 0.7 percent to C$36.47, and Cameco Corp gained 2.3 percent to C$20.63. A rise in commodity prices helped support the materials group. Canadian miner Alamos Gold Inc said it will buy Aurizon Mines Ltd for about C$780 million ($793 million) in cash and stock to get access to Aurizon's only operating gold mine, Casa Berardi, in northern Quebec. Aurizon shares jumped 36 percent to C$4.63. Russia's state uranium firm agreed to pay $1.3 billion to take Canada's Uranium One Inc private, as the successor to the Soviet Union's nuclear industry seeks to strengthen its grip on supplies. Uranium One's stock rose 15 percent to C$2.78. The energy sector was down 0.2 percent, with Talisman Energy Inc falling 1.6 percent to C$11.90 and Canadian Natural Resources Ltd slipping 0.4 percent to C$29.68. Oil prices were volatile, with Brent crude rising to $111 on supply concerns then trading lower. In other company news, shares of Harry Winston Diamond Corp rose 6 percent on the company's plans to sell its high-end watches-to-necklaces division to Swatch Group in a $750 million cash deal that expands the Swiss watchmaker's luxury offering and lets the Canadian group concentrate on its diamond mines. Investors were also awaiting comments from Federal Reserve Chairman Ben Bernanke, who will later in the day speak on U.S. monetary policy, recovery from the global financial crisis and long-term challenges facing the American economy.
© Thomson Reuters 2016 All rights reserved.