April 29, 2011 / 8:52 PM / 6 years ago

CANADA STOCKS-TSX ends higher as resources overcome RIM drop

* TSX ends 0.36 percent higher at 13,944.79

* Nine of 10 main sectors advance

* RIM falls more than 14 percent, biggest decliner

* Investors mostly sidelined ahead of Monday’s election (Updates to close)

By Ka Yan Ng

TORONTO, April 29 (Reuters) - Toronto’s main stock index made a late-day dash higher on Friday as rallying resource issues overcame a plunge by BlackBerry maker Research In Motion RIM.TO.

The energy and materials groups, which together make up about 50 percent of the index’s weight, were up 1.12 percent and 0.67 percent respectively.

Suncor Energy (SU.TO), ahead 1.89 percent at C$43.61, and Canadian Natural Resources (CNQ.TO), up 2.44 percent at C$44.51, were the most influential advancers on Friday. Potash Corp (POT.TO) rose 1.44 percent to C$53.45.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished 50.39 points, or 0.36 percent, higher at 13,944.79. Nine of its 10 sectors advanced.

“We seem have some difficulty breaking above 14,000,” said Elvis Picardo, an analyst and strategist at Global Securities in Vancouver.

He said gold issues have not been fully participating in the surge in the price of gold, which rose nearly 2 percent to near $1,570 on Friday, hitting a record high for a third consecutive day.

The information technology group was the TSX’s lone decliner, down 3.09 percent, as RIM sagged more than 14 percent to C$46.09 after it issued a profit warning late on Thursday.

RIM was the day’s biggest decliner, accounting for more than 10 percent more drag on the index than the second worst performer, Silver Wheaton SLW.TO.

Until the rally in the final moments of the session, the main index had been bouncing around the unchanged mark. Picardo said the flat performance may be partly attributed to market caution as the left-leaning New Democratic Party has closed in on the leading Conservatives ahead of the May 2 general election.

$1=$0.95 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below