* TSX up 84.05 points, or 0.55 percent, to 15,303.95
* Eight of the TSX’s 10 main groups rise
* Energy stocks gain 1.3 percent, materials up 1.1 percent
* BlackBerry stock falls 11.8 percent to C$12.93
TORONTO, June 23 (Reuters) – Canada’s main stock index
rallied on Friday, bolstered by index heavyweights like energy
and mining stocks, but BlackBerry Ltd shares suffered
sharp losses after first quarter sales missed expectations.
BlackBerry reported an unexpected 4.7 percent drop in
revenue from its software and services business, whose success
is at the heart of Chief Executive John Chen’s turnaround plan
for the company. Shares tumbled 11.8 percent to C$12.93, on
track for its biggest one-day decline in about 2-1/2 years.
The overall tech group was down 0.5 percent.
Suncor Energy Inc advanced 1.4 percent to C$38.63,
while Canadian Natural Resources Ltd rose 1.1 percent
to C$38.07 as oil prices touched session highs on the back of a
softer U.S. dollar.
The overall energy group saw a robust 1.3 percent gain. U.S.
crude prices were up 0.5 percent to $42.94 a barrel,
while Brent crude added 0.5 percent to $45.46.
At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index rose 84.05 points, or 0.55
percent, to 15,303.95.
Of the index’s 10 main groups, eight were in positive
territory. The consumer staples group, home to grocers, was down
The materials group, home to miners and fertilizer
companies, added 1.1 percent, with Barrick Gold Corp
climbing 2.4 percent to C$21.80. Bullion prices hit a one-week
high, as the weaker greenback and global geopolitical
uncertainties boosted the precious metal. Gold futures
rose 0.7 percent to $1,256.1 an ounce.
The financials group, which accounts for about a third of
the index’s weight, gained 0.3 percent, with bank stocks seeing
Home Capital Group Inc extended its previous
session’s gains, climbing 3.4 percent to C$19.64, following news
that Warren Buffett’s Berkshire Hathaway Inc made a
commitment to provide financing for the alternative lender.
Canadian National Railway Co was one of the most
influential movers on the index, climbing 1.3 percent to
C$107.03, while the overall industrials group rose 0.9 percent.
In economic data, Canada’s annual inflation rate cooled more
than expected last month, declining to 1.3 percent in May from
April’s 1.6 percent, and reducing the likelihood of an interest
rate hike by the Bank of Canada in July. Food prices fell on an
annual basis for the eight month in a row as consumers paid less
for meat and fresh fruit.
Advancing issues outnumbered declining ones on the TSX by
187 to 50, for a 3.74-to-1 ratio on the upside.
(Reporting by Solarina Ho; Editing by Marguerita Choy)