3 Min Read
*TSX up 0.65 percent to 12,115.98
*Energy materials lead index higher
*RIM loses 5.3 percent after results
By Claire Sibonney
TORONTO, April 1 (Reuters) - Toronto's main stock market index was higher on Thursday morning as commodity prices rose due to fresh investment at the start of the quarter, but some market disappointment with the results of technology bellwether Research In Motion RIM.TO RIMM.O tempered the gains.
Oil hit an 18-month high, boosting the index's energy group 1.9 percent. Suncor Energy Inc (SU.TO) jumped 3.1 percent to C$34.04. and Canadian Natural Resources (CNQ.TO) rose 3.1 percent to C$77.52. [O/R]
The materials sector gained 1.2 as copper reached a 20-month high and gold prices strengthened. [GOL/] [MET/L]
Teck Resources TCKb.TO added 2.4 percent to C$45.30, after the company said on Wednesday it expects to quickly pay back the term debt from its 2008 acquisition of Fording Canadian Coal Trust. [ID:nN31240319]
Barrick Gold Corp (ABX.TO), the world's biggest gold producer, shot up 1.3 percent to C$39.47.
"Really it's commodities and pretty broad market strength ... economic growth is accelerating in Asia and in Europe and, of course, this is going to bode well for supporting companies from Canada and the States and whatnot," said Steve Ibel, institutional equities trader at Beacon Securities in Halifax.
Upbeat data from China and Europe fueled optimism the global economy is on track for growth, while U.S. weekly jobless claims fell last week, ahead of Friday's crucial U.S. payrolls numbers.[MKTS/GLOB] [ID:nN01104152]
Shares of RIM fell 5.3 percent to C$71.30 as its results suggested that rivals are starting to take market share from the BlackBerry smartphone maker. [ID:nN01106986]
At 10:20 a.m. (1420 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 78.25 points, or 0.65 percent, at 12,115.98.
Bombardier Inc (BBDb.TO) slipped 2.9 percent to C$6.05 after the plane and train maker reported a 43 percent fall in profit, hurt mainly by lower deliveries and selling prices for business aircraft. [ID:nN31191134]
Shares of Air Canada ACa.TO ACb.TO added about 5 percent to C$2.32 after the company said on Wednesday it is exploring a closer alliance with South Korea's Asiana Airlines Inc (020560.KS) to take advantage of growing business between the two countries.[ID:nN31242100]
$1=$1.01 Canadian Reporting by Claire Sibonney, editing by Peter Galloway