TSX Closes Up 53 Pts; RIM Rings Up The Gains

By MidnightTrader.com Staff,

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Canada's main stock market, the Toronto Stock Exchange ( TSX ) closed up 53 points Thursday, buoyed by strong renewed buying of Research In Motion Ltd (RIM.TO) on positive analyst research. But it was a day of pretty thin trading volumes and little real direction given the U.S. stock markets were closed for the Thanksgiving holiday.

Investors and traders may well have decided to make a long weekend of it and many of them could sit out tomorrow too given the U.S. markets will only operate for half a day then.

Easily most active was RIM, which gained more than 17% with around 12.5 million shares traded. This came after National Bank Financial said RIM shares should be bought ahead of the launch of BlackBerry 10, which is slated for the first quarter of 2013. "We think there is more money to be made ahead of the C2013 launch of BB10. The new management team is executing by maintaining the BlackBerry subscriber base, managing costs and cash, and seemingly readying a February 2013 BB10 global platform launch." National Bank increased its price target on RIM to US$15 from US$12, and also raised its shipment and 2014 earnings forecasts.

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

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: TSX

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