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TSX up on mining, banking stocks, RIM plunges 22%, info tech and energy sectors hit

17th Jun 2011, 12:15 pm by Brad Lemaire and Deborah Sterescu
TSX up on mining, banking stocks, RIM plunges 22%, info tech and energy sectors hit

Canadian markets started higher on Friday, helped by resource and banking companies, offsetting Blackberry maker Research In Motion's (RIM) plummet in share price after disappointing first quarter earnings results.

There was some relief on the day with regards to the turmoil in Greece, as Germany's Angela Merkel backed off the idea that private sector bondholders should shoulder a signficant part of the cost of rescuing the EU country.

The S&P/TSX Composite Index gained 91.55 basis points to 12,944.68, while the more junior S&P/TSX Venture Composite index rose 0.35% to 1,895.89 earlier in the morning, but then edged down just after noon.

The Canadian dollar climbed 0.70% to $1.018 U.S.

In the oil market, crude oil continued to scale back losing 1.7% to $93.33 a barrel. Futures for silver and gold both rose, by 0.4% and 0.67%, respectively, with gold climbing to 1,539.50 an ounce.

The metals and mining sector made the biggest gains as a result, up 1.85%. Kinross Gold (TSE:K) was ahead 1.37% to $14.84, while Barrick Gold (TSE:ABX) gained 31 cents to $42.58. Goldcorp (TSE:G) and Yamana Gold (TSE:YRI) each rose more than 1.2%.

Financials also climbed 1.22%, with the Bank of Nova Scotia (TSE:BNS) ahead 51 cents to $57.4, while the Bank of Montreal climbed 20 cents to $60.49. Royal Bank (TSE:RY) jumped more than 1.8% to $54.66, and Toronto-Dominion Bank (TSE:TD) was up 0.56% to $79.48. Canadian Imperial Bank of Commerce (TSE:CM) also improved 0.54%.

The industrials, utilities and telecom sectors were positive, each gaining 1.03%, 0.91%, 0.24%; respectively.

Energy stocks, meanwhile, fell 0.15%, among two of the losing sectors on Friday in Canadian markets. Talisman Energy (TSE:TLM) dropped 0.21% to $18.80, while Suncor Energy (TSE:SU) lost 14 cents to $37.38. Cenovus Energy (TSE:CVE) and Canadian Oil Sands Limited (TSE:COS) also shed from their stock prices.

Info tech sustained the biggest losses on the day, dropping 4.29%, as Blackberry maker Research In Motion (TSE:RIM) (NASDAQ:RIMM) posted weak first quarter earnings, causing shares to plunge 21.18%.

The Waterloo, Ontario-based company's bottom line for the first quarter ending May 28 fell sharply to $695 million, or $1.33 per share, down from $769 million or $1.38 per share a year ago.

The year-over-year decrease drove the company to slash its full year and second quarter fiscal 2012 outlook. RIM now expects its full year earnings to be in the tune of $5.25 and $6.00 per share, a significant drop from its own $7.50 per share stated two months ago, falling below analysts' expectations of $6.29.

The company has been steadily losing market share to competitors such as Apple (NASDAQ:AAPL) and Google's (NASDAQ:GOOG) Android devices, in the past months.

Shares of Arise Technologies (TSE:APV.WT.A) also tumbled more than 9% to trade at $0.05.

In other corporate news, shares in Bridgewater Systems (TSE:BWC) surged 28.12% to $8.11 on Friday after it said the company agreed to be acquired by media service provider Amdocs Limited (NYSE:DOX) in a cash deal valued at C$211 million. Amdocs will pay C$8.20 a share in cash.

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