Canada Stocks Gain 30 Pts, But Close 40 Pts Off Near 18 Mo Highs Hit Earlier; RIM, Bombardier In The News

By Staff,

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Canada's main stock market, the Toronto Stock Exchange, closed up 30 points Thursday, but that was more than 40 points off a near 18 month high of 12,863.47 hit mid-morning. In terms of outside factors, the release of better than expected initial claims data gave reason to hope that an economic recovery is underway in the U.S, which is Canada's largest trading partner.

On the domestic front, RIM dialled up nearly 3% in gains and at one point was close to reaching a year high $18.49 hit earlier this week, boosted by a 12% drop in Apple Inc's ( AAPL ) shares on poor holiday period iPhone sales, which raised the possibility of RIM lifting its market share in the U.S. and other markets if next week's eagerly awaited launch of the Blackberry 10 is successful.

Meanwhile, shares in Bombardier Inc (BBD-B.TO) fell 1% on Thursday on news that rival Embraer had landed a large order to supply regional jets in the United States.

MarketWatch reported: "Crude oil for March delivery rose 72 cents, or 0.8%, to settle at $95.95 a barrel on the New York Mercantile Exchange. The U.S. Energy Information Administration reported an unexpected weekly decline in gasoline stocks and a smaller-than-anticipated rise in distillate stocks, but oil inventories rose by a larger-than-expected 2.8 million barrels. The rise in oil futures on Thursday cut into Wednesday's slump of 1.5%."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: AAPL

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