The Toronto stock market was higher Monday amid rising energy and financial stocks but weighed down by a slide of almost 7% in Research In Motion Ltd. shares.
The S&P TSX Composite Index greeted noon ahead 84.04 points to 12,481.14
The Canadian dollar picked up 0.65 to 99.23 cents U.S.
Investors were unimpressed with news that the co-CEOs of Research In Motion Ltd. are stepping down and being replaced by another senior executive from within the company's management. RIM announced late Sunday that Jim Balsillie and Mike Lazaridis would be replaced by RIM chief operating officer, Thorsten Heins.
Its stock had run up almost 5% in pre-market trading in New York on hopes the move signaled an improvement in the fortunes of the BlackBerry maker. But its shares were down $1.14 to $16.10 on the TSX -- down sharply from its 52-week high of $69.30 -- after Heins failed to make any major announcements on RIM's direction during a Monday conference call with analysts.
The Waterloo, Ont-based company has seen its fortunes plunge over the last few years as it lost market share to Apple iPhones and iPads and phones using Google's Android. RIM also suffered though a global four-day service outage.
The March crude contract on the New York Mercantile Exchange gained ground, as Cenovus Energy gained 33 cents to $36.41 while Canadian Natural Resources rose 84 cents to $39.82.
The financials sector was ahead as Royal Bank rose 71 cents to $54.56 and Manulife Financial improved by 22 cents to $12.87.
The base metals sector climbed as copper moved ahead six cents to $3.80 U.S. a pound. Teck Resources was ahead 59 cents to $42.52 and First Quantum Minerals rose 35 cents to $22.90.
The gold sector was up as Barrick Gold Corp. gathered 43 cents to $46.95.
In other corporate news, Ottawa-based Wi-LAN Inc. has launched a patent suit against Research In Motion Ltd. The suit filed in a U.S. district court in Florida claims that the BlackBerry maker is infringing on two patents belonging to Wi-LAN. Wi-LAN shares added 11 cents to $5.45.
Canadian Pacific Railway Ltd. shares slipped 37 cents to $71.19 as the railroad signed a 10-year agreement with Canpotex Ltd., a company jointly owned by three of North America's largest potash producers set up to export Canadian potash. Financial terms were not disclosed.
On matters economic, Statistics Canada reported this morning that its composite leading index increased 0.8% in December, following a 0.9% gain the previous month, with eight of the 10 components rising.
Manufacturing increased across the board for the second consecutive month, with autos providing a substantial boost, and retail sales of durable goods increased for a sixth straight month.
ON BAYSTREET
The TSX Venture Exchange added 14.49 points to 1,585.83, while the Nasdaq Canada index retreated 8.90 points to 398.68.
Eight of the 14 Toronto subgroups were higher midday. Energy rumbled higher 1.3%, while materials acquired 1.1%, and financials were richer by 0.9%.
The half-dozen laggards were weighed by information technology, plunging 2.2%, industrials, down 0.3%, and utilities, off 0.2%.
ON WALLSTREET
In New York, stocks traded flat Monday, as investors continued to wait for the latest news about Greece's debt talks.
The Dow Jones Industrials fell back 53.44 points by noon to 12,667.
The S&P 500 was 1.75 points lower to 1,313.63, while the tech-rich Nasdaq Composite Index regressed 14.35 points to 2,772.35.
The gains were modest but broad, with Bank of America and Hewlett-Packard leading the Dow higher. Sears Holdings was the biggest gainer among the S&P 500, but those gains were tempered by Netflix, which was down 4%.
Oil and gas companies also pushed up the S&P, after Chesapeake Energy announced it would cut natural gas production to drive up prices. Chesapeake Energy, Cabot Oil and Gas, NRG Energy and Consol Energy all gained more than 4%.
BlackBerry maker Research in Motion announced co-CEOs Jim Balsillie and Mike Lazaridis will hand over the top job to former chief operating officer Thorsten Heins. After rising more than 3% in premarket trading, the stock was down more than 7%, dragging on the tech-heavy Nasdaq.
Shares of Carnival which owns the grounded Italian cruise liner Costa Concordia, slumped 1%. Carnival's stock has dropped nearly 8% since the Jan. 13 accident.
Oilfield services giant Halliburton released quarterly results that beat Wall Street estimates on both earnings and revenue, but its shares edged 3% lower.
With little on the U.S. economic docket Monday, investors remained firmly focused on Europe's issues
Greek debt talks were said to be progressing, but officials have yet to announce a deal to scale back the nation's overwhelming debt load.
The deal is a key condition for Greece to receive additional bailout funds from the European Union and International Monetary Fund. Without this financial support, Greece may not be able to make a €14-billion payment it owes on bonds that comes due March 20.
Euro-zone finance ministers were also meeting Monday, with debt issues likely dominating the talks.
Economically speaking, the Federal Reserve starts a two-day meeting on Tuesday, and for the first time ever, the central bank will release forward-looking forecasts for the federal funds rate. The government also releases its first estimate of fourth-quarter economic growth on Friday.
Treasury prices for the 10-year note eased, pushing yields up to 2.06% from Friday’s 2.03%.
Treasury prices and yields move in opposite directions, and fall in bond prices typically indicates that investors are willing to take on more risk, rather than buying up seemingly safe U.S. Treasuries.
Oil for February delivery jumped 84 cents to $99.17 U.S. a barrel.
Gold futures for February delivery rose $7 to $1,671 U.S. an ounce.
