UPDATE 1-Toronto stocks pare gains but RIM soars

Thu Feb 21, 2008 10:21am EST
 
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(Updates numbers, adds details)

TORONTO Feb 21 (Reuters) - The Toronto Stock Exchange's main index was higher but well off earlier highs on Thursday morning, lifted by hot mining shares and index heavyweight Research In Motion RIM.TO, which raised its subscriber outlook.

Gold miners rose strongly as investors applauded results from Goldcorp G.TO and Barrick Gold ABX.TO, the world's biggest producer, which also announced a $1.7-billion deal with a subsidiary of Rio Tinto RIO.L to buy its stake in their Cortez joint venture in Nevada, giving Barrick full ownership.

The TSX was off earlier highs, however, as softer crude oil and natural gas futures sapped the shares of energy companies.

The S&P/TSX composite index .GSPTSE was up 22.47 points, or 0.2 percent, at 13,574.16. It was up by 118 points immediately after the opening bell.

RIM surged C$9.81 to C$108.85 after the BlackBerry maker raised its fourth-quarter subscriber outlook and reconfirmed its profit forecast. For details, see: [nN21246446]

TSX materials stocks rose 1.6 percent, with the gold subsector up 1.4 percent. Barrick jumped 93 Canadian cents to C$51.75, while Goldcorp added 82 Canadian cents to C$40.34. For details, see: [nN21448037] and [nN20372231]

Seven of the index's 10 main groups were in the red, including energy, down 0.7 percent, and health care, down 0.6 percent.

($1=$1.01 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)