December 18, 2009 / 3:47 PM / 9 years ago

CANADA STOCKS-TSX higher as RIM soars, oil climbs

 * TSX up 0.63 percent at 11,545.46
 * Tech sector leads as RIM jumps 10.9 pct
 * Oil price rises above $74 a barrel  (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 18 (Reuters) - Toronto’s main stock index rose on Friday morning as Research In Motion RIM.TO soared after posting strong quarterly earnings and an upbeat outlook, while a spike in oil prices boosted weighty oil and gas issues.
  RIM topped the list of influential gainers, jumping 10.9 percent to C$74.37, helping to lift the broader information technology sector by 2.9 percent.
 “Its earnings are showing they are a good product. It’s a sector leader and will continue to be for some time,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.
 After the bell on Thursday, the BlackBerry maker posted third quarter results that beat expectations, while its forecast for the current quarter easily topped what most analysts were anticipating. [ID:nN17171897]
 Oil prices rose above $74 a barrel after an Iraqi official said Iranian troops briefly entered an Iraqi oilfield on Thursday [ID:nLDE5BH167], and on the prospect of increased winter demand. [O/R]
 Shares of Suncor Energy (SU.TO) were up 1.2 percent at C$36.99, while Canadian Natural Resources (CNQ.TO) rose 1 percent to C$72.11.
 At 10:15 a.m. (1515 GMT), the S&P/TSX composite index .GSPTSE was up 72.40 points, or 0.63 percent, at 11,545.46.  (Reporting by Irene Kuan; editing by Rob Wilson)                                      

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