CANADA STOCKS-Resources, RIM boost TSX but BMO drags

Fri Dec 17, 2010 5:42pm EST
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   * TSX up 20.31 points, or 0.15 percent at 13,201.54
 * Six of the TSX's 10 main groups higher
 * BMO down 6.53 percent at C$58.00
 (Adds details, quotes)
 By Solarina Ho
 TORONTO, Dec 17 (Reuters) - Toronto's main stock index
finished higher on Friday, bolstered by strength in resource
issues and Research In Motion RIM.TO, but a retreat by Bank
of Montreal BMO.TO helped temper the gains.
 Six of the TSX's 10 main groups advanced, with materials
and energy issues climbing 0.85 percent 0.76 percent
 Base-metals miner Teck Resources TCKb.TO jumped 3.9
percent to C$58.39, while uranium producer Cameco Corp CCO.TO
rose 2.65 percent to C$39.94. Barrick Gold ABX.TO was up 0.77
percent at C$52.37.
 Crude future ended moderately higher, buoyed by optimism
that the U.S. economic recovery was gathering steam.
 Imperial Oil IMO.TO, gained 1.39 percent to C$38.63 while
Talisman Energy TLM.TO added 1.7 percent to C$28.89.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 20.23 points, or 0.15 percent, at
13,201.46. The index finished down 0.29 percent on the week.
 "It's been a good December, right now we'll expect to see
lighter volumes ... I see a lot of portfolio positioning in
anticipation of end of the year," said Brian Pow,
vice-president, research and equity analyst, at Acumen Capital
 "This is probably the last day you'll see some normal
volumes and actions. It'll probably get a little sloppy next
week or so."
 Research In Motion finished up 1.81 percent at C$60.69
after reporting quarterly earnings that topped analyst
forecasts after markets closed on Thursday [ID:nN16269441].
 However, some market watchers also pointed out that shares
of the BlackBerry maker trade at a significant discount
compared with rivals south of the border, such as Apple Inc
AAPL.O [ID:nN1794135].
 "The good news is that Research In Motion is in the
smartphone business and the market for smartphones is expanding
rapidly ... They're doing a lot of things right, but they're
still going to have that mantle of skepticism around them and
the low P/E for a while here," said Bob Gorman, chief portfolio
strategist at TD Waterhouse.
 The overall technology sector climbed 0.59 percent.
 Tempering the TSX's gains was a hefty retreat by Bank of
Montreal BMO.TO, which fell 6.53 percent to C$58.00 on
uncertainty over its purchase of troubled U.S. lender Marshall
& Ilsley Corp MI.N for $4.1 billion in stock. [ID:nN1744360]
The overall financial group, which makes up about a third of
the index, was down 1 percent.
 "An acquisition in the U.S. is always some risk for the
banks," said Pow.
 "We're still not exactly certain how sound the whole U.S.
banking system is, so you never know what you're going to get
it until you're a year away or so. On first blush it looks like
a good acquisition," he said.
 In individual company news, Suncor Energy SU.TO bucked
the energy sector trend by finishing down 0.49 percent at
C$36.30 after it announced it will pool investments with
France's Total SA in three multibillion-dollar oil sands
projects. [ID:nLDE6BG0EZ]
 Ivanhoe Mines IVN.TO jumped 4.05 percent to C$25.45. The
company said on Friday it would raise up to $1.2 billion via a
rights offering to fund the development of its massive copper
and gold project in Mongolia. [ID:nN17127438]
 ($1=$1.01 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)