January 21, 2013 at 12:00 PM EST
TSX up midday
Monday, January 21, 2013 00:8 PM EST TSX up midday RIM, Rona in focus Canada's main stock index remained higher on Monday, led by an 8.2% jump in Research In Motion Ltd shares on investor optimism ahead of the launch of its highly anticipated BlackBerry 10 devices. The S&P/TSX Composite Index gained 49.86 points to break for lunch at 12,775.55 The Canadian dollar subsided 0.15 cents to 100.65 cents U.S. The S&P/TSX composite index is up 8% since mid-November. Today, there appeared to be little fresh news concerning RIM, but the stock has been on a tear since early November ahead of the launch later this month of the new device. RIM greeted Monday midday at $16.99 a share. Industrials flourished, mostly on the strength of SNC-Lavalin, which added 1.8% to $45.14. Financials were also in the green, as Genworth MI Canada, up 1.6% to $24.30. Elsewhere, CIBC cut the target price on Teck Resources Ltd. to $50 from $52 on valuation and price estimate changes. Teck stock docked 27 cents to $36.80 by noon hour. Rona Inc. announced a wide-ranging shakeup of its board, with the chairman of Richelieu Hardware, Robert Chevrier, being installed as the new chairman. Rona shares hiked 30 cents, or 2.6%, to $11.80. On the economic beat, Statistics Canada reported this morning that wholesale sales rose 0.7% in November to $49.6 billion, mostly due to higher computer sales, and that of other communications equipment. The nation’s number-crunchers added that in volume terms, wholesale sales were up 0.5%. ON BAYSTREET The TSX Venture Exchange took on 1.78 points by noon hour to 1,237.10 All but one of the 14 Toronto subgroups gained by the noon break, led by information technology, up 1.5%, while industrials and financials each picked up 0.6% The only laggard at noon time was in global base metals, off 0.02%. ON WALLSTREET U.S. markets are closed Monday for the Martin Luther King holiday.
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