Markets in Toronto opened higher on Thursday, led by the energy sector and Research In Motion Ltd, which jumped 7.7% after a brokerage upgraded the BlackBerry maker.
The S&P/TSX Composite Index took on 78.15 points to begin Thursday’s trading at 12,218.48
The Canadian dollar added 0.03 cents to 100.81 cents U.S.
For its part, RIM received a big boost on Thursday after Goldman Sachs raised its rating on the company, sending shares of the BlackBerry maker soaring 85 cents in trading soon after the morning bell to $11.85.
Royal Bank of Canada's quarterly profit rose 22% on a sharp jump in fixed income trading revenue and steady loan growth. Shares in Canada’s biggest bank started the day 48 cents higher to $58.83.
Clothing maker Gildan Activewear Inc posted an 84% rise in fourth-quarter profit, helped by higher printwear sales volumes, and the Canadian company increased its quarterly dividend by 20%. Gildan shares climbed 76 cents, or 2.3%, to $33.85.
On the economic slate, figures released by Statistics Canada told us that the raw materials price index was unchanged in October, while its industrial products price index demurred 0.1% last month over September, largely the result of lower prices for petroleum and coal products.
ON BAYSTREET
The TSX Venture Exchange recovered 10.24 points to 1,215.61
All 14 Toronto subgroups gained ground, led by information technology, up 2.4%, metals and mining, ahead 1.8%, and global base metals, prospering 1.7%.
ON WALLSTREET
U.S. stocks opened higher Thursday, building on the prior day's strong performance.
The Dow Jones Industrials began the day ahead 42.27 points to 13,027.40.
The S&P 500 moved 9.60 points higher to 1,419.53 and the Nasdaq Composite Index gained 15.54 points to 3,007.32.
Lawmakers and the White House have been in talks to avoid the slew of year end tax increases and spending cuts known as the fiscal cliff and investors will likely be taking their cue from developments in Washington during the trading day.
Data showing an improving economy also provided a boost.
Investors also sifted through a batch of quarterly results. Shares of troubled bookseller Barnes & Noble slipped after the company posted a loss of four cents U.S. per share and a revenue decline of 0.4%.
Grocery chain Kroger shares rose after the company posted better-than-expected results for the third quarter and also lifted its outlook for the year.
Shares of Tiffany tumbled after the luxury retailer reported third-quarter earnings and sales that missed estimates. The company cut its forecast for the full-year.
Many major retailers also reported same-store sales for November, including the start of the holiday shopping season over the Black Friday weekend.
Shares of Target were under pressure after the retailer reported a 0.1% decline in sales for the first four weeks of November.
Research in Motion got a big boost from a Goldman Sachs upgrade. The BlackBerry maker also announced updates to its so-called developer ecosystem as the company works to drum up enthusiasm for the BlackBerry 10.
On the economic front, the U.S. government said gross domestic product grew at a 2.7% annual rate in the third quarter.
Separately, weekly claims for unemployment benefits fell 23,000 to 393,000.
Treasury prices slipped, lifting yields to 1.63% from Wednesday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices vaulted $2.17 to $88.66 U.S. a barrel.
Gold prices spiked $9.90 an ounce to $1,726.40 U.S.
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