UPDATE 1-Toronto stocks climb on back of hot RIM shares

Fri Dec 21, 2007 10:40am EST
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TORONTO Dec 21 (Reuters) - The Toronto Stock Exchange's main index rose more than 100 points on Friday morning, taking its cue from Research In Motion RIM.TO, which was applauded by analysts after it reported expectation-beating profits.

The maker of the popular BlackBerry said after the bell on Thursday that its third-quarter profit more than doubled. Its stock shot up C$11.23 to C$116.75. For details, see: [nN21258381]

"RIM's guidance was generally favorable versus consensus, but their stock is so volatile ... it's like going to the roulette wheel, black or red," said Paul Hand, managing director at RBC Capital Markets.

Overall, the S&P/TSX composite index .GSPTSE was up 102.05 points, or 0.8 percent, at 13,509.06, with six of its 10 main sectors in positive territory. It had dropped nearly 60 points minutes after the opening bell, but quickly bounced back.

The tech group surged 2.6 percent, materials added 2.4 percent and consumer staples was up 0.3 percent. Gold-mining firms were also higher, by 2.9 percent, on the back of rising bullion prices.

Barrick Gold ABX.TO was up 99 Canadian cents at C$38.39 and Goldcorp G.TO gained 92 Canadian cents to C$31.79.

Banks and other financial institutions were the biggest weighted losers, with Manulife Financial MFC.TO down 33 Canadian cents at C$40.03, and Royal Bank of Canada RY.TO off 35 Canadian cents at C$49.67. ($1=$1 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)