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Canadian Stocks Trending Higher; Blackberry Leading Tech Sector To Gains

By: MT Newswires
Posted: 2/5/2013 1:36:00 PM
Referenced Stocks:

Canadian stocks are up more than 20 points but are around 40 points off day highs as early buying on positive business sentiment data out of Europe and some bargain buying fades. Most sectors are higher with Blackberry (formerly Research In Motion) again very much in the thick of the action.

Tech shares are pacing today's gains with Blackberry (BB.TO,BBRY) shares rising near 7% today on the Toronto Stock Exchange - adding to the 15% gained in Canada on Monday - following bullish commentary on the debut of its new Z10 smartphones in Great Britain.

Barclays analyst Jeff Kvaal wrote today in a new research note that store checks indicate Z10 is "off to a solid, if not healthy start in the U.K." The device also was slated to launch today in Canada, on Feb. 10 in the United Arab Emirates, and next month in the U.S.

Canadian wireless carrier BCE (BCE.TO, BCE) said the new Blackberrys have generated record orders since it began taking online orders for the devices early last month. A spokesman at rival Roger Communications (RCI-B.TO,RCI), the country's largest mobile carrier, told Reuters its Z-10 orders have numbered in "the thousands."