UPDATE 3-Toronto stocks leap on strong resources, RIM

Fri Dec 21, 2007 5:25pm EST
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By Leah Schnurr

TORONTO Dec 21 (Reuters) - The Toronto Stock Exchange's main index closed sharply higher on Friday after a tech and resource-fueled rally in which Research In Motion soared after posting impressive results.

BlackBerry-maker RIM RIM.TO was the net gain leader a day after the company reported that its third-quarter profit more than doubled as it pushed into the consumer market.

RIM raced ahead C$11.05, or 10.4 percent, to C$117.57 and helped pull the tech sector up 2.7 percent. Also in the sector, Celestica Inc CLS.TO rose 16 Canadian cents, or 2.8 percent, to C$5.85.

An advance in gold prices helped nearly all of the index's gold producers higher, while the materials group added 3.7 percent. Barrick Gold ABX.TO rose C$1.22, or 3.3 percent, to C$38.62, and Kinross Gold K.TO was up C$1.54, or 9.4 percent, at C$17.99.

"We were due for a good bounce, we'll see if it carries out for the balance of the year," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

"I get the general sense it will, just because there will be less selling pressure and people may be thinking exactly what I say where we just got too negative for a while."

Overall, the S&P/TSX composite index .GSPTSE closed up 189.08 points, or 1.41 percent, at 13,596.09 with all but one of the TSX's 10 main sectors in positive territory. Health care was the only sector on the downside, dipping 0.4 percent.   Continued...