CANADA STOCKS-TSX hits one-week high as RIM surges

Thu Nov 22, 2012 11:50am EST

* TSX rises 663.94 points, or 0.53 percent, at 12,164.0
    * All 10 main sectors make gains
    * Materials and financial shares lead index higher
    * Volumes light with U.S. closed for Thanksgiving holiday

    By John Tilak
    TORONTO, Nov 22 (Reuters) - Canada's main stock index hit a
one-week high on Thursday as higher commodity prices boosted
mining stocks and as Research In Motion Ltd shares
jumped 11 percent on growing hopes for its new devices. 
    The market was also supported by data that showed China's
manufacturing sector was picking up steam, a signal of increased
demand for Canadian resources. 
    Research In Motion was up 11.1 percent at C$11.36
after National Bank Financial raised its price target on the
stock to $15, citing "positive sentiment building in the
industry" ahead of the launch of its BlackBerry 10 devices.
 
    The stock played the second-biggest role of any single
company in leading the market higher.
    "The dominant news today is the performance of RIM," said
John Ing, president of Maison Placements Canada.
    "The company has had nothing but bad news over the past
year, and the stock has been oversold," he said.
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was up 63.94 points, or 0.53 percent,
at 12,164. Earlier in the session, the index hit 12,171.20, its
highest level since Nov. 13.
    The index's materials sector, which includes mining stocks,
rose 0.7 percent, extending gains made in the previous session
on higher prices for gold and other commodities. 
    Miner Barrick Gold Corp was up 1.2 percent at
C$35.04. Fertilizer producer Potash Corp gained 1.4
percent to C$38.77, while Silver Wheaton Corp was up
1.18 percent at C$36.74.
    The financial sector rallied for the fifth day, with
investors optimistic about quarterly results from Canadian
banks, which start reporting next week. The group was up 0.4
percent. Royal Bank of Canada, the country's biggest
bank, was up 0.5 percent at C$59.90. 
    In China, data showed expansion in the manufacturing sector
accelerated in November for the first time in 13 months, a sign
that the pace of economic growth has revived after seven
consecutive quarters of slowdown.