Canada's main stock market, the Toronto Stock Exchange, ended
Monday's session up nearly 70 points, close to year highs and with
upward momentum too despite the fact that less than 100 million
shares were traded with the U.S. markets shut for Martin Luther
According to Reuters, the TSX hit its highest levels since late
As it was, more than 13 million of the total 97 million shares
traded were that of Research In Motion (RIM.TO), which jumped more
than 10% to $17.41 having touched a new year high of $18.49. This
added to the 7% gained Friday as talk and excitement builds ahead
of the Blackberry 10 launch on January 30.
"Research in Motion will look into strategic alliances with
other technology companies once it has launched its new BlackBerry
10 models, its chief executive told a German newspaper," Reuters
reported. It said: "Germany-born CEO Thorsten Heins told daily Die
Welt in an interview published on Monday that the group's strategic
review could lead to the sale of RIM's hardware production or the
sale of licenses to its software, among other options."
In other positives for the stock, late last week, Jefferies
& Co. upgraded RIM to Buy, citing new software which offers
corporate e-mail on rival devices. And SeekingAlpha has published
an article "Research In Motion - Possible $56 Stock Price In 12
Months?". However, there has been some news that might put a cap on
RIM gains. Rival Samsung announced its plans to launch smartphones
powered by the latest Tizen operating system.
Royal Bank of Canada (RY.TO) closed shy of a new year high of
$62.19 posted today, and also shy of what Bloomberg refers to as a
May 3, 2010, "peak" of $62.42. Bloomberg said RBC is "leading a
rally in bank stocks as wealth-management activity boosts profit,
say investors such as Baskin Financial Services Inc.'s Barry
Schwartz." CIBC (CM.TO) and Bank of Montreal (BMO.TO) also hit near
year highs. Scotiabank (BNS.TO) went close to year highs. TD Bank
(TD.TO) and National Bank (NA.TO) made gains.
Crude oil futures were little changed, retreating from a
four-month high as euro-zone finance ministers prepared to discuss
the region's debt crisis. Crude oil for February delivery fell two
cents to $95.47 a barrel in electronic trading in New York. The
more active March contract lost five cents to $95.89.
Gold futures were little changed on a quiet trading day with
U.S. markets closed for a holiday. February gold futures settled at
$1,689.70, down $1.10 in electronic trading on the Comex in New
York. Gold gained 1.6% last week.