* TSX up 99.66 points, or 0.65 percent, to 15,319.56
* Eight of the TSX’s 10 main groups rise
* Energy stocks up 1.4 percent; materials up 1.8 percent
* BlackBerry suffers biggest one-day fall since January 2015
By Solarina Ho
TORONTO, June 23 (Reuters) – Canada’s main stock index
rallied on Friday as index heavyweights like energy and mining
shone, while BlackBerry Ltd shares suffered its biggest
one-day drop in 2-1/2 years after disappointing first quarter
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 12.3 percent to C$12.86, with the overall
technology group gave up 0.5 percent.
Enbridge Inc rose 1.2 percent to C$52.22, while
Suncor Energy advanced 1.1 percent to C$38.52 as oil
prices bounced from 10-month lows on the back of a softer U.S.
The overall energy group saw a robust 1.4 percent gain. U.S.
crude prices were up 0.8 percent to $43.1 a barrel, while
Brent crude added 1.0 percent to $45.66.
The Toronto Stock Exchange’s S&P/TSX composite index
closed up 99.66 points, or 0.65 percent, to finish at
15,319.56. The index gained 0.83 percent on the week.
Eight of the index’s 10 main groups finished in positive
Paul Taylor, CIO of fundamental equities at BMO Asset
Management Inc, said there was widespread strength across the
“It’s just a bit of a continued rally coming out of the
‘Oracle of Omaha’ betting with his dollars in favor of Canada
housing. It’s a pretty strong endorsement,” said Taylor,
referring to news on Thursday that billionaire investor Warren
Buffett’s Berkshire Hathaway Inc made a commitment to
provide financing for troubled alternative mortgage lender Home
Home Capital jumped as much as 9.2 percent on Friday before
seeing some profit-taking. Shares ended down 2.1 percent at
C$18.61. The overall financials group, which accounts for about
a third of the index’s weight gained 0.2 percent.
The materials group, home to miners and fertilizer
companies, added 1.8 percent, with Barrick Gold Corp
climbing 2.7 percent to C$21.86. Teck Resources
climbing 4.6 percent to C$21.97.
Gold prices touched a one-week high as the weaker greenback
and global geopolitical uncertainties boosted the precious
metal. Gold futures rose 0.7 percent to $1,256.2 an
ounce. Copper prices advanced 1.0 percent to $5,800 a
In economic data, Canada’s annual inflation rate cooled more
than expected last month, reducing the likelihood of an interest
rate hike by the Bank of Canada in July.
Advancing issues outnumbered declining ones on the TSX by
200 to 44, for a 4.55-to-1 ratio on the upside.
(Reporting by Solarina Ho; Editing by Sandra Maler)