CANADA STOCKS-TSX higher as RIM soars, oil climbs

Fri Dec 18, 2009 10:42am EST
 
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 * TSX up 0.63 percent at 11,545.46
 * Tech sector leads as RIM jumps 10.9 pct
 * Oil price rises above $74 a barrel
 (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 18 (Reuters) - Toronto's main stock index rose
on Friday morning as Research In Motion RIM.TO soared after
posting strong quarterly earnings and an upbeat outlook, while
a spike in oil prices boosted weighty oil and gas issues.
  RIM topped the list of influential gainers, jumping 10.9
percent to C$74.37, helping to lift the broader information
technology sector by 2.9 percent.
 "Its earnings are showing they are a good product. It's a
sector leader and will continue to be for some time," said
Steve Ibel, institutional equities trader at Beacon Securities
in Halifax, Nova Scotia.
 After the bell on Thursday, the BlackBerry maker posted
third quarter results that beat expectations, while its
forecast for the current quarter easily topped what most
analysts were anticipating. [ID:nN17171897]
 Oil prices rose above $74 a barrel after an Iraqi official
said Iranian troops briefly entered an Iraqi oilfield on
Thursday [ID:nLDE5BH167], and on the prospect of increased
winter demand. [O/R]
 Shares of Suncor Energy SU.TO were up 1.2 percent at
C$36.99, while Canadian Natural Resources CNQ.TO rose 1
percent to C$72.11.
 At 10:15 a.m. (1515 GMT), the S&P/TSX composite index
.GSPTSE was up 72.40 points, or 0.63 percent, at 11,545.46.
 (Reporting by Irene Kuan; editing by Rob Wilson)