CANADA STOCKS-TSX recovers from 2009 low to trade higher; RIM up

Thu Jan 15, 2009 3:24pm EST
 
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* TSX recovers from year low hit in morning trade

* Big movers in infotech group; RIM and Nortel up 8 pct

* Nine of 10 groups advance

TORONTO, Jan 15 (Reuters) - Toronto's main stock index pared early losses to rise more than 1 percent on Thursday, boosted a recovery in U.S. stocks and jump in issues including Research in Motion Ltd RIM.TO.

Earlier, the index had hit its lowest point this year as nagging concerns about a drop in oil demand weighed on the resource heavy index while influential banking shares also tumbled.

U.S. stocks also rebounded to trade higher, helped by hopes that Washington would mount action to aid banks, including Citigroup, beset with credit losses.

By 3:05 p.m. (2005 GMT), the S&P/TSX composite index .GSPTSE rose 106.51 points, or 1.23 percent, to 8,794.87. Nine of the index's 10 main groups advanced, with the exception of utilities.

"I guess one could attribute some of this just to bargain hunters coming in after a few down days here," said Michael Sprung, president at Sprung & Co. Investment Counsel.

"This morning the market was still suffering from the shock of Nortel and perhaps some of that has worn off as the day progressed."   Continued...