CANADA STOCKS-Energy shares, BlackBerry push TSX higher

Wed Jan 22, 2014 4:40pm EST

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* TSX rises 36.43 points, or 0.26 percent, to 13,988.20
    * Seven of the 10 main index sectors advance
    * BlackBerry jumps after real estate divestment plans
    * TransCanada up as new pipeline opens

    By John Tilak
    TORONTO, Jan 22 (Reuters) - Canada's main stock index
climbed on Wednesday on gains in the energy sector as the price
of oil rallied and in BlackBerry after the smartphone
maker announced plans to divest some real estate holdings.
    Oil benefited as TransCanada Corp opened a new
pipeline from Oklahoma to the Gulf Coast, commissioning the $2.3
billion project that is expected to help eliminate a bottleneck
that has warped the U.S. oil market for three years. The move
helped drive TransCanada shares higher. 
    Investors took note of the Bank of Canada's announcement
that it would leave its main overnight rate unchanged. The
central bank said it was more concerned about weak inflation
than it was three months ago and stated that its next move on
interest rates could be either down or up, depending on economic
data. 
    The Toronto Stock Exchange's benchmark index, which has
gained in six of the last seven trading sessions, is up about
2.7 percent this year. 
    "The mood out there is upbeat. People are busy, and money is
being put to work in an orderly fashion," said Diana Avigdor,
portfolio manager and head of trading at Barometer Capital
Management.
    "This is a good, robust market since the beginning of the
year," she said.
    The S&P/TSX composite index closed up 36.43
points, or 0.26 percent, at 13,988.20. 
    "Clearly we're seeing a bit more confidence from domestic
investors," said Craig Fehr, Canadian market strategist at
investment firm Edward Jones in St. Louis, Missouri. "The equity
investment environment continues to be relatively favorable."
    Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.3 percent, with Royal Bank of Canada climbing 0.3
percent to C$73.18, and Bank of Montreal rising 0.4
percent to C$73.02.
    Energy shares climbed 0.7 percent. Suncor Energy Inc 
advanced 1.3 percent to C$37.99, and TransCanada was up 0.8
percent at C$48.84.
    Providing further support was BlackBerry, whose shares
jumped 9.9 percent to C$11.96, a day after the smartphone maker
said it planned to divest the majority of its Canadian real
estate holdings. 
    But gold mining shares gave back 1.7 percent. Barrick Gold
Corp declined 1.3 percent to C$20.81, and Goldcorp Inc
 slipped 0.9 percent to C$25.63.
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