TSX up as resource rise outmuscles RIM drop
4:27 PM, E.T. | April 29, 2011
Toronto's main stock index made a late-day dash higher Friday as rallying resource issues overcame a plunge by BlackBerry maker Research In Motion (RIM-T).
The energy and materials groups, which together make up about 50 percent of the index's weight, were up 1.12 percent and 0.67 percent respectively.
Suncor Energy (SU-T) and Canadian Natural Resources (CNQ-T) and Potash Corp. (POT-T) all finished the day higher.
The Toronto Stock Exchange's S&P/TSX composite index finished 50.39 points, or 0.36 percent, higher at 13,944.79. Nine of its 10 sectors advanced.
"We seem have some difficulty breaking above 14,000," said Elvis Picardo, an analyst and strategist at Global Securities in Vancouver.
He said gold issues have not been fully participating in the surge in the price of gold, which rose nearly 2 percent to near $1,570 US on Friday, hitting a record high for a third consecutive day.
The information technology group was the TSX's lone decliner, down 3.09 percent, as RIM sagged after it issued a profit warning late on Thursday.
RIM was the day's biggest decliner, accounting for more than 10 percent more drag on the index than the second worst performer, Silver Wheaton (SLW-T).
Until the rally in the final moments of the session, the main index had been bouncing around the unchanged mark. Picardo said the flat performance may be partly attributed to market caution as the left-leaning New Democratic Party has closed in on the leading Conservatives ahead of the May 2 general election.