Toronto Markets Inch Higher as Research in Motion Stock Gains Traction

By Friend, David | The Canadian Press, January 14, 2013 | Go to article overview

Toronto Markets Inch Higher as Research in Motion Stock Gains Traction


Friend, David, The Canadian Press


Toronto inches higher on BlackBerry maker

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TORONTO - The Toronto stock market ended relatively flat Monday as the information technology sector came out the strongest, helped by shares of BlackBerry-maker Research In Motion.

The S&P/TSX composite index crept up 0.91 of a point to 12,603.09 while the TSX Venture Exchange slipped 10.72 points to 1,229.53.

The Canadian dollar rose 0.07 of a cent to 101.65 cents US as a new survey by the Bank of Canada showed that Canadian business executives are feeling more confident about 2013.

The central bank's latest quarterly business outlook survey shows firms on balance think sales and employment will pick up after a tough 2012.

The TSX information technology sector rose 2.5 per cent, with BlackBerry-maker Research In Motion (TSX:RIM) jumping 10.4 per cent.

The company's shares were up $1.39 to $14.70 ahead of the unveiling of its BlackBerry 10 devices later this month, as reports emerged that one of its biggest competitors may be feeling some strain in its sales.

Apple Inc. stock was off 3.6 per cent on reports that the company has reduced orders for parts for the iPhone 5 after sales fell short of expectations in the current quarter. Its shares declined US$18.55 to $501.75.

RIM was one of the most active stocks on the market, climbing to the highest level since early April 2012.

"A lot of people were worried that this company wouldn't even make it to the launch, but now the launch is just days away, and so I think there is definitely a positive buzz around the name," said Allan Small, senior adviser at DWM Securities.

"There's a very large short position with the name, and when something comes up that's positive and the stock market moves, it's because a lot of these investors, I think, are covering their short positions."

Key commodities rose to their highest levels in several months. The February crude contract lifted 58 cents to $94.14 on the New York Mercantile Exchange, bringing oil to near a four-month high.

Gold prices ended the session at a three-month high, up $8. …

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