June 17, 2011 / 3:05 PM / 8 years ago

CANADA STOCKS-TSX higher on banks and miners, RIM dives

   * TSX up 35.10 points, or 0.27 pct, at 12,888.23.
 * Nine of the 10 main groups higher
 * RIM down more than 20 percent
 By Trish Nixon
 TORONTO, June 17 (Reuters) - Toronto’s main stock market index was higher on Friday as a broad rally led by banks and miners offset a steep decline by Research In Motion RIM.TO.
 The financial and materials sectors rose 0.21 percent and 0.20 percent respectively. Royal Bank of Canada (RY.TO), which may have found a buyer for its U.S. retail banking operations, was the most influential gainer, rising 1.47 percent to C$54.48. [ID:nN17173029]
 Goldcorp (G.TO) led the materials group, gaining 0.99 percent to C$45.87.
 The TSX rallied as global investor sentiment improved after French President Nicolas Sarkozy hinted at an aid deal to save Greece from default. [ID:nLDE75G0ZQ]
 At 10:30 a.m. (1430 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 35.10 points, or 0.27 percent, at 12,888.23. Nine of the index’s 10 main groups were higher.
 Francis Campeau, a broker at MF Global Canada saw commodity prices and optimism over the Greek debt crisis as the driving factors for the gains.
 “Commodities are back up, we’ve heard some sort of calming speeches from European leaders in regards to Greece,” Campeau said. He added that whether the gains hold will depend on how the European drama plays out.
 “The story is not clear, and until the final story is clear the market might continue to be choppy.”
 Capping the TSX’s gains was a 20.9 percent plunge by RIM to C$20.86 after posting weak quarterly results and outlook late Thursday.
 The results prompted analysts to downgrade the BlackBerry maker’s stock and cut price targets. [ID:nL3E7HH1AW]
 ($1=$0.98 Canadian)  (Reporting by Trish Nixon; editing by Rob Wilson)                                        

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