*TSX up 37.67 points at 11,707.85
*Six of its 10 main groups higher
*RIM drops 11.5 pct after quarterly results (Updates to close)
By Claire Sibonney
TORONTO, June 25 (Reuters) - Toronto’s main stock index climbed on Friday as strong commodity prices drove up its weighty resource sectors, offsetting a dive in the shares of BlackBerry maker Research In Motion RIM.TO.
Oil prices surged toward $79 a barrel on concerns that a tropical disturbance in the Caribbean Sea may develop into a storm and threaten Gulf of Mexico production. [O/R]
At the same time, gold prices rose on financial market uncertainty as investors awaited the outcome of the weekend summit of Group of 20 advanced and emerging economies in Toronto. [GOL/]
The energy sector rose almost 1 percent with Canadian Oil Sands Trust COS_u.TO gaining 1.4 percent to C$28.75, and natural gas major EnCana Corp (ECA.TO) adding 2.4 percent to C$34.03.
“You’re seeing some pretty big strength in materials today. A lot has to do with U.S. dollar weakness,” said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.
“You’re seeing the euro rise ahead of the G20 meeting, some talk of tackling fiscal deficits on the other side of the Atlantic so that’s really helping put a little bit of a bid under the euro.”
Base-metal miners also rallied as copper shot up to its loftiest level in nearly one month. Teck Resources TCKb.TO gained 1.5 percent to C$35.02 [MET/L]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed 37.67 points, or 0.32 percent, higher at 11,707.85, with six of its 10 main groups rising. The index finished the week 1.8 percent lower.
Resource strength overcame weakness in Research In Motion, which fell after its quarterly results reignited worries about declining market share in North America.
RIM reported subscriber and shipment figures on Thursday that disappointed investors and rekindled fears that the BlackBerry maker is losing market share to Apple Inc (AAPL.O) and other rivals. [ID:nN21262767]
RIM shares tumbled 11.5 percent to C$54.08, pulling the TSX index’s information technology sector 2.4 percent lower.
“The big issue right now is that they’re not gaining market share. They’re actually losing market share in the smartphone market,” said Julie Brough, vice president at Morgan Meighen & Associates.
Zohny added that expectations were still high for the smartphone space and that RIM’s stock move was no surprise after the earnings.
“Typically, RIM sees fairly volatile periods after earnings.”
Downtown Toronto, home to the Toronto Stock Exchange and Canada’s financial center, was largely shuttered on Friday due to tight security measures in preparation for a summit of the Group of 20 rich and developing nations on the weekend. [ID:nN18322198]
$1=$1.04 Canadian Additional reporting by Jennifer Kwan; editing by Peter Galloway