February 3, 2011 / 4:16 PM / 8 years ago

CANADA STOCKS-TSX rises on Open Text, economic optimism

   * TSX up 38.61 points, or 0.28 percent, at 13,718.90
 * Nine of 10 main index groups advance
 * Open Text top net gainer, up more than 13 pct  (Updates with details, comments)
 By Solarina Ho
 TORONTO, Feb 3 (Reuters) - Toronto’s main stock index rose on Thursday morning with technology issues buoyed by strong earnings from software maker Open Text OTC.TO, and financial issues boosted by recently robust economic data.
 Financial shares, which make up about a third of the S&P/TSX composite, were up 0.54 percent, led by Toronto-Dominion Bank (TD.TO), which rose 0.63 percent to C$76.66.
 In the United States retail sales, jobs, and manufacturing data have all shown strength recently. On Friday, Canada and the United States will report January employment figures.
 “Economically, good news abounds,” said Rick Hutcheon, president and chief operating officer at RKH Investments. “I think the real catch here is trying to get a handle on what this unrest in Egypt actually means.”
 Open Text OTC.TO surged as much as 17 percent after it posted better-than-expected quarterly earnings late on Wednesday and announced it was acquiring smaller competitor Metastorm. By midmorning Open Text had given back some initial gains, but was still the lead net gainer, up 13.89 percent at C$57.00. [ID:nN02188563]
 Its rise helped lift the tech group 3.97 percent. BlackBerry-maker Research In Motion RIM.TO also advanced, gaining 1.7 percent to C$61.45.
 At 10:32 (1532 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 38.61 points, or 0.28 percent, at 13,718.90. Of its 10 main groups, the healthcare sector was the lone decliner, down 0.34 percent.
 The energy group, which accounts for more than a quarter of the index’s weight, was up 0.18 percent, but down from early highs as U.S. crude futures fell more than 1 percent on a stronger U.S. dollar. Imperial Oil (IMO.TO) climbed 1.56 percent to C$45.65. [O/R]
  ($1=$0.99 Canadian)  (Reporting by Solarina Ho; editing by Peter Galloway)                                        

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