April 3, 2008 / 2:51 PM / 9 years ago

UPDATE 1-Toronto stocks get lift from RIM's results

(Updates to midmorning)

TORONTO, April 3 (Reuters) - The Toronto Stock Exchange’s main index moved higher on Thursday morning, pulled up by solid quarterly earnings from BlackBerry maker Research In Motion, which helped offset weaker resource issues.

Research In Motion RIM.TO gained C$5.17, or 4.4 percent, to C$122.80 after its fourth-quarter results, which were posted after the bell on Wednesday, beat analysts’ estimates.

RIM also provided a rosy outlook that suggested it is comfortably riding through the U.S. economic slowdown.

“Stellar,” said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc, of RIM’s results.

“No question, this is a story that is intact and, if anything, is gaining momentum. It’s exciting to see a world class Canadian firm like this do so well.”

Also on the earnings front, Bombardier (BBDb.TO) popped up 36 Canadian cents, or 6.4 percent, to C$5.96 after the plane and train maker said profit surged 95 percent.

The S&P/TSX composite index .GSPTSE was up 40.10 points, or 0.3 percent, at 13,554.24 with six of its 10 main sectors in positive territory.

Advances were held back as resource shares struggled to gain traction amid soft commodity prices. The energy sector dipped 0.1 percent, but the sector was mixed with Canadian Natural Resources (CNQ.TO) down 39 Canadian cents, or 0.6 percent, at C$69.95, and Petro-Canada PCA.TO up 20 Canadian cents, or 0.4 percent, at C$45.45

The materials sector edged up 0.2 percent, but its subindex of gold producers was off 1.7 percent. Agnico-Eagle Mines (AEM.TO) slipped C$1.11, or 1.6 percent, to C$66.95 and Centerra Gold (CG.TO) fell 53 Canadian cents, or 3.9 percent, to C$12.91.

Economic worries also weighed on the index, after data showed U.S. jobless claims jumped to their highest reading since 2005, underlining concerns of a U.S. slowdown.

“At least we have to take comfort in that the economic indicators were all pointing in the same direction recently, which was down, and now, at least, we’re getting some indication that there’s some down, but there are some slightly more positive,” Taylor said.

“That in itself, hopefully, over time the market will take notice of.”

$1=$1.01 Canadian Reporting by Leah Schnurr; Editing by Peter Galloway

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