CANADA STOCKS-TSX up for fifth day as RIM surges, volume light

Thu Nov 22, 2012 4:39pm EST

* TSX ends up 53.04 points, or 0.44 percent, at 12,153.10
    * All 10 main index sectors rise
    * Volumes light with U.S. closed for Thanksgiving holiday

    By John Tilak
    TORONTO, Nov 22 (Reuters) - Canada's main stock index
climbed to a more than one-week high on Thursday as Research In
Motion Ltd shares jumped 17 percent on growing hopes
for its new BlackBerry devices and as earnings expectations
lifted financial stocks.
    The market was also supported by data that showed China's
manufacturing sector was picking up steam, a sign of increased
demand for Canadian resources. 
    Research In Motion was up 17.3 percent at C$12.00 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 the company's BlackBerry 10
devices. 
    The stock played the second-biggest role of any single
company in leading the market higher. It was the stock's biggest
one-day gain since April 2009.
    "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."
    The Toronto Stock Exchange's S&P/TSX composite index
 ended higher for a fifth straight session. It closed
up 53.04 points, or 0.44 percent, at 12,153.10. Earlier in the
session, it hit 12,171.20, its highest level since Nov. 13. All
10 main sectors were positive.
    Volumes were lighter than usual due to the U.S. Thanksgiving
holiday, which closed stock markets there. About 124 million
shares changed hands on the Toronto Stock Exchange, compared
with a daily average of 281.9 million in October.
    The financial sector also edged up for a fifth day, rising
0.3 percent ahead of the quarterly reporting season for Canadian
banks, which starts next week.
    Expectations for solid results and possible dividend
increases at some of the banks have been fueling the sector,
said Allan Small, senior investment advisor at DundeeWealth Inc.
    "(Canadian banks) are still relatively cheap when you look
at where they are trading on a multiple basis. There is
definitely some value there," he said.
    Royal Bank of Canada, the country's biggest bank,
was up 0.4 percent at C$57.81, and Toronto-Dominion Bank 
rose 0.4 percent to C$80.99. 
    Small said that the market's recent rise has also improved
prospects for insurance companies, which have large portfolios
of equities.
    Sun Life Financial Inc rose 0.7 percent to C$27.10,
and Great-West Life gained 0.7 percent to C$23.49.    
    The index's materials sector, which includes mining stocks,
rose 0.2 percent, extending gains made in the previous session
on higher prices for gold and other commodities. 
    Miner Barrick Gold Corp was up 0.4 percent at
C$34.75. Fertilizer producer Potash Corp gained 1.1
percent to C$38.67, diversified miner Teck Resources Ltd
 jumped 2.6 percent to C$32.59, and Silver Wheaton Corp
 was up 0.7 percent at C$36.55. 
    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. 
    Industrials advanced 0.8 percent, with Canadian National
Railway Co rising 1.6 percent, to C$87.12.
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