TSX Up More Than 60 Pts; Buoyed By Buying of RIM
Canada's main stock index is up more than 60 points early Thursday, led by the Info Tech sector and specifically embattled Research In Motion (RIM.TO) on positive research actions. Energy and mining issues are buoyed after economic data from China showed growth was picking up in its manufacturing sector. Also, oil prices are higher. All sectors are higher in early trading.
National Bank Financial says RIM shares - which are the most actively traded and up 11% on the TSX today - 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.
Crude futures traded near the highest level in two days in New York amid concern that a cease-fire between Israel and Hamas may not hold, putting at risk supply from the Middle East, Bloomberg reported.
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