RIM helps lead TSX to modest gain
By Leah Schnurr
TORONTO (Reuters) - The Toronto Stock Exchange's main index closed moderately higher on Thursday, boosted by robust results from Research In Motion RIM.TO, but fell back from earlier gains as energy and gold-mining stocks weakened.
Shares of RIM jumped C$5.79, or 4.9 percent, to C$123.42 amid enthusiasm over the BlackBerry maker's better than expected fourth-quarter results, as well as the rosy outlook it provided.
Gold producers held the benchmark back, sliding 1.8 percent, even though the price of gold pushed above the $900 level. Centerra Gold (CG.TO: Quote) fell C$1.14, or 8.5 percent, to C$12.30 and Barrick Gold (ABX.TO: Quote) was off C$1.01, or 2.3 percent, at C$43.41.
"In Canada, we have the excitement over RIM, which probably has taken over for today," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc in Vancouver, British Columbia.
"But one company doesn't make up the entire index, so I think after the initial exuberance dies down a bit, you get what you have (today)."
The S&P/TSX composite index .GSPTSE closed up 37.15 points, or 0.27 percent, at 13,551.29 with half its 10 main sectors in positive territory. The index climbed as high as 13,633.44 earlier in the session.
Potash Corp of Saskatchewan (POT.TO: Quote) also helped pull the index up as it jumped C$5.47, or 3.4 percent, to C$168.67. The move helped the materials sector rise 0.6 percent. Inmet Mining IMN.TO was up C$3.10, or 3.8 percent, at C$83.90.
Gains were offset as the energy sector fell 0.7 percent, while the price of crude weakened. Imperial Oil (IMO.TO: Quote) was off C$1.19, or 2.2 percent, at C$52.55, and Suncor Energy (SU.TO: Quote) slid 75 Canadian cents, or 0.7 percent, to C$100.05. Continued...