CANADA STOCKS-TSX led higher by RBC after results, RIM rally

Thu Nov 29, 2012 11:34am EST
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* TSX rises 56.41 points, or 0.46 percent, to 12,196.74
    * Nine of the 10 main sectors advance
    * Royal Bank of Canada up 0.89 pct on earnings
    * RIM up 7 percent after Goldman Sachs upgrade

    By John Tilak
    TORONTO, Nov 29 (Reuters) - Canada's main stock index hit
its highest level of the week on Thursday, led higher by Royal
Bank of Canada after strong quarterly earnings and
further boosted by a rally in Research in Motion Ltd 
after an influential upgrade.
    The market was also supported by optimism that a deal would
be reached to avert the U.S. fiscal crisis and positive housing
data from the country, Canada's biggest trading partner.
    The combination of healthy Canadian bank earnings and some
encouraging global economic data could help the Toronto index
extend gains further into the end of the year, said John Kinsey,
portfolio manager at Caldwell Securities Ltd.
    "We're getting into the Santa Claus rally. We are going to
have a good market here for the next two weeks," he said.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 56.41 points, or 0.46 percent, at 12,196.74.
Nine of the 10 main sectors on the index were trading higher.
    Energy stocks, up 1 percent, played the biggest role of any
sector in leading the market higher, helped by a rise in oil
    Canadian Natural Resources rose 1.8 percent to
C$28.75, and Suncor Energy climbed 1.1 percent to
    Financials were up 0.6 percent, with Royal Bank of Canada
rising 0.7 percent to C$58.77. Canada's biggest bank reported a
22 percent jump in fourth-quarter profit on rising fixed income
trading revenue and steady loan growth. 
    Shares of other banks rose on optimism about the strength of
the sector, and some of them will be reporting quarterly results
next week.
    Toronto Dominion Bank was up 0.8 percent at C$82.18.
TD and RBC played the biggest role of any two stocks in leading
the market higher.
    Research in Motion, which surged more than 12 percent in
early trading, was up 7 percent at C$11.73 after Goldman Sachs
upgraded the stock ahead of the release of its BlackBerry 10
device lineup. 
    "RIM has had a nice rally. It could be setting us up for a
very big disappointment with the new BlackBerry 10. Or it may be
a turnaround story," Kinsey said.