CANADA STOCKS-TSX little changed, but RIM shares jump

Fri Apr 3, 2009 10:43am EDT
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* TSX down 0.12 percent at 9,062.66,

* RIM shares soar after results, forecast tops view (Adds details, quotes)

By Jennifer Kwan

TORONTO, April 3 (Reuters) - Toronto's main stock index was little changed on Friday morning as a surge in Research In Motion RIM.TO shares was cooled off by worry over U.S. job numbers and by lower gold and oil prices.

RIM was the biggest contributor to the upside, shooting 19 percent higher to C$72.55, and helping to send the index's information technology group up 5.9 percent.

On Thursday, the company surprised investors with a strong profit report and a rosy outlook for its smartphones despite the grim economy. Many analysts raised their earnings estimates and stock targets for RIM to reflect its growth and margin recovery. [ID:nN03324019]

"The numbers weren't just slightly ahead of expectations it was a real blowout quarter," said Rick Meslin, head of Canadian equities at UBS.

At 10:34 a.m. (1434 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 10.48 points, or 0.12 percent, at 9,062.66, with seven of its 10 main sectors lower.

Data on Friday showed growing distress in the U.S. labor market, with U.S. employers slashing 663,000 jobs in March and the unemployment rate rising to 8.5 percent, the highest level since 1983.   Continued...