CANADA STOCKS-TSX dips as RIM rises but commodities fall

Fri Dec 19, 2008 12:35pm EST
 
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*Tech shares rise as RIM climbs 8.5 pct

*Energy sector down 0.9 pct as oil falls to $35 a barrel

*U.S. offer of $17.4 bln auto aid seen as plus for market

(Adds quote, details)

By Jennifer Kwan

TORONTO, Dec 19 (Reuters) - Toronto's main stock index was slightly lower on Friday morning, see-sawing as weakness in commodity issues offset higher technology shares, which were up on strength in Research In Motion RIM.TO after it issued a rosier than expected outlook.

The information technology sector rose 3 percent, boosted by RIM RIMM.O after it delivered a bright outlook for BlackBerry sales over the holiday season. [ID:nN18411402] Shares of the company, a top net gainer, rose 8.5 percent to C$50.72.

"RIM results demonstrated that while, yes, they're also seeing a slowdown it's not as bad as people had feared," said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.

"As a result, the stock is higher and people are taking that as good news that the downturn in spending on items like smartphones may not be as bad as expected."   Continued...