CANADA STOCKS-TSX rises on commodities but RIM drags

* TSX up 0.14 percent at 12,256.74

* Materials lead index higher

* RIM drops 2.2 percent

By Claire Sibonney

TORONTO, April 26 (BestGrowthStock) – Toronto’s main stock index
was up for a sixth straight session on Monday morning as mining
shares got a boost from rallying metal prices and from robust
earnings from U.S. heavy-machinery maker Capterpillar Inc
(CAT.N: ), but technology shares were weak.

As gold and copper prices firmed, Caterpillar raised its
full-year profit forecast, and positive economic sentiment from
the outlook spilled over on to the resource-loaded Toronto
index. [MET/L] [ID:nN26212283]

Goldcorp Inc rose 0.8 percent at C$40.69, while First
Quantum Minerals (FM.TO: ) shot up 2.1 percent to C$82.70.

“That’s got to be terrific news for Canadian mining and
infrastructure companies,” said Barry Schwartz, vice-president
and portfolio manager at Baskin Financial Services.

“If you run a huge mine, the last thing you want to do is
spend money on new equipment if you think the world is not
going to need your products. If you’re buying new equipment you
must think things are recovering and really turning around.”

Shares of Research In Motion (RIM.TO: ), however, dropped 2.2
percent to C$69.06 as the market feared it has no product to
compete effectively with the Apple (AAPL.O: ) iPhone, even
though the BlackBerry maker said it is launching variations of
two existing models and hinted that much-anticipated
announcements on a new operating system and browser are on the
way. [ID:nN26178007]

“RIM does not have a competing product for the retail space
and that is very very negative for anyone who’s buying the
stock today,” Schwartz said.

“So RIM has to be worried that Apple is going to steal away
its market share and there’s just nothing they can do.”

At 10:45 a.m. (1445 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was up 17.10 points, or 0.14
percent, at 12,256.74.

Energy stocks were also slightly higher as oil hovered
around $85 a barrel, but lingering doubts over Greece’s debt
crisis lifted the U.S. dollar, keeping some pressure on the
commodity. [O/R]

“All resources seem to have fallen into some kind of range
over the past three months. We need some other catalyst to
really explode commodities higher,” Schwartz added.

Suncor Energy (SU.TO: ), the country’s biggest oil producer,
was down 0.1 percent at C$34.49, while natural gas major EnCana
Corp (ECA.TO: ) was flat at C$32.67.

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($1=$1.00 Canadian)
(Reporting by Claire Sibonney, editing by Peter Galloway)

CANADA STOCKS-TSX rises on commodities but RIM drags