September 28, 2012 / 9:14 PM / 6 years ago

CANADA STOCKS-TSX weighed by global worry, but RIM shines

* TSX closes down 21.39 points, or 0.17 pct, at 12,317.46
    * Index notches 6 pct gain for quarter, up 3 pct in Sept
    * Spain optimism fades, U.S. data reminds of slow global
    * RIM jumps 8 pct after narrower-than-expected loss

    By Alastair Sharp
    TORONTO, Sept 28 (Reuters) - The benchmark Canadian stock
index fell on Friday, stung by  anxiety about Spain's troubled
banks and global economic frailty, but Research In Motion Ltd
 surged after its results impressed investors.
    The resource-rich index closed out the third quarter with a
gain of more than 6 percent, as energy companies and miners
benefited from a strong showing in crude and bullion prices.  
    But gloom prevailed on Friday, as Spain's borrowing costs
rose back above 6 percent despite an austere budget and business
activity in the U.S. Midwest shrank for the first time in three
years, the latest in a string of U.S. data.
    "Spain is flaring up again," said John Kinsey, a portfolio
manager at Caldwell Securities. "The economic numbers from
wherever you want to draw them aren't very good." 
    The Toronto Stock Exchange's S&P/TSX composite index
 lost 21.39 points, or 0.17 percent, to close at
12,317.46, with energy and financial stocks weighing.
    Canadian Natural Resources fell 1.6 percent to
C$30.33 and Toronto Dominion Bank slipped 0.5 percent to
    The most upbeat storyline belonged to RIM, whose shares
jumped 8 percent to C$7.52 after the beleaguered BlackBerry
maker surprised investors with a smaller-than-anticipated loss
and a revenue beat thanks to strong BlackBerry sales in emerging
markets such as Indonesia and India. 
    That optimism could yet prove to be short-lived.
    "People had such low expectations and they beat it
substantially," said Paul Harris, portfolio manager at Avenue
Investment Management. "It's still a show-me stock."
    There was otherwise little in corporate news for investors
to get their teeth into, and the near-term horizon was just as
    "We're in a lull here, we've got two weeks before earnings
for the third quarter start," Kinsey said. "There's a lot of
noise out there and a lot of people are tired of it." 
    Enbridge Inc shares slipped 0.8 percent to C$38.40
even as the pipeline company said it had won regulatory approval
to add an Alberta crude pipeline to move output from Imperial
Oil Ltd's Kearl oil sands project. Imperial dipped 0.5
percent to C$45.25
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