January 21, 2013 / 4:28 PM / 6 years ago

CANADA STOCKS-RIM, financials lift TSX to near-11 month high

* TSX rises 36.79 points, or 0.29 percent, to 12,762.48
    * Eight of 10 main sectors advance
    * Rona shares climb on boardroom shuffle

    By John Tilak
    TORONTO, Jan 21 (Reuters) - Canada's main stock index hit a
near 11-month high on Monday, led by a jump in Research In
Motion Ltd on comments that it could license its
software and rising financial shares after a move by U.S. House
Republicans to try to end a budget stalemate.
    RIM shares rose 8 percent to C$17.02 after its chief
executive told a German newspaper the company will explore
strategic alliances with other technology companies once it has
launched its new BlackBerry 10 models. 
    U.S. House Republican leaders said on Friday they would seek
to pass a three-month extension of federal borrowing authority
in the coming days to buy time for the Democrat-controlled
Senate to pass a plan to shrink budget deficits. 
    "In the fullness of time, most people believe that this is
going to get resolved one way or the other," said Rick Hutcheon,
president and chief operating officer at RKH Investments.
    "The only real issue is how much angst do we have to get
through along the way. But it will get fixed."    
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was up 36.79 points, or 0.29 percent,
at 12,762.48, after touching 12,766.96, its highest since Feb.
29, 2012.
     Eight of the 10 main sectors on the index were trading
    The financial sector, the weightiest on the index, rose 0.4
percent, and played the biggest role of any single sector in
leading the market higher. 
     Royal Bank of Canada gained 0.4 percent to C$61.99
and Bank of Nova Scotia added 0.5 percent to C$58.16.
    Energy shares slipped 0.2 percent, tracking a decline in oil
    Cenovus Energy Inc fell 1.1 percent to C$32.70.    
    In other company news, Rona Inc named a new
executive chairman and reshuffled its board of directors on
Monday, after reaching an agreement with its largest
shareholders, who have been calling for changes. Shares of the
Canadian hardware retailer and distributor climbed 2.6 percent
to C$11.80.
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