TORONTO (Reuters) – Canada‘s main stock index hit a one-week high on Thursday as higher commodity prices boosted mining stocks and as Research In Motion Ltd shares jumped 11 percent on growing hopes for its new devices.
The market was also supported by data that showed China’s manufacturing sector was picking up steam, a signal of increased demand for Canadian resources.
Research In Motion was up 11.1 percent at C$ 11.36 after National Bank Financial raised its price target on the stock to $ 15, citing “positive sentiment building in the industry” ahead of the launch of its BlackBerry 10 devices.
The stock played the second-biggest role of any single company in leading the market higher.
“The dominant news today is the performance of RIM,” said John Ing, president of Maison Placements Canada.
“The company has had nothing but bad news over the past year, and the stock has been oversold,” he said.
At midmorning, the Toronto Stock Exchange‘s S&P/TSX composite index <.GSPTSE> was up 63.94 points, or 0.53 percent, at 12,164. Earlier in the session, the index hit 12,171.20, its highest level since November 13.
The index’s materials sector, which includes mining stocks, rose 0.7 percent, extending gains made in the previous session on higher prices for gold and other commodities.
Miner Barrick Gold Corp was up 1.2 percent at C$ 35.04. Fertilizer producer Potash Corp gained 1.4 percent to C$ 38.77, while Silver Wheaton Corp was up 1.18 percent at C$ 36.74.
The financial sector rallied for the fifth day, with investors optimistic about quarterly results from Canadian banks, which start reporting next week. The group was up 0.4 percent. Royal Bank of Canada , the country’s biggest bank, was up 0.5 percent at C$ 59.90.
In China, data showed expansion in the manufacturing sector accelerated in November for the first time in 13 months, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown.
(Reporting by John Tilak; Editing by Peter Galloway)
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