Wednesday, October 1st15.3°C
22738
22805

BlackBerry weighs down TSX

The Toronto stock market was lower Thursday, weighed down by U.S. economic concerns and uncertainty over how BlackBerry's new smartphones will be received by consumers.

The S&P/TSX composite index fell 64.78 points to 12,729.66 while the TSX Venture Exchange slipped 1.44 points to 1,220.91.

The company formerly known as Research In Motion Ltd. (TSX:RIM) again weighed on the TSX, a day after the launch of its new BlackBerry 10 product lineup. Its stock was down a further $1.01 or 7.3 per cent to $12.85 on the TSX after tumbling almost 12 per cent Wednesday.

Availability is an issue as analysts note that U.S. customers won't be able to get the BlackBerry Z10 until March, a month later than it's available in Canada.

In recent weeks, RIM stock had soared 200 per cent from its 52-week low of $6.10 of last September in anticipation over the new product, seen as a make or break effort by the company. RIM's BlackBerry has lost market share to Apple's iPhone and the Galaxy brand of smartphones from Samsung.

The Canadian dollar was up 0.08 of a cent to 99.93 cents US after Statistics Canada reported gross domestic product grew by 0.3 per cent during November, better than the 0.2 per cent reading that had been expected. Year over year, GDP was ahead by 1.3 per cent.

U.S. markets were mainly higher a day after data showed the U.S. economy stalled late last year, shrinking at an annual rate of 0.1 per cent from October through December for the first time since the recession ended.

The negative reading raised doubts about the sustainability of a rally that has seen the Dow industrials surge 6.3 per cent since the start of the year, climbing close to 14,000 and within touching distance of its record level.

The Dow Jones industrials were ahead 21.07 points to 13,931.49, the Nasdaq gained 9.15 points to 3,151.45 while the S&P 500 index edged 0.12 of a point lower to 1,501.84.

Traders also considered data showing that U.S. consumer spending rose 0.2 per cent last month, which was slightly slower than the 0.4 per cent increase in November.

Income jumped 2.6 per cent in December from November as companies accelerated dividend payments to beat the January rise in income tax rates. It was the biggest gain since December 2004.

And a day before the release of the U.S. employment report for January, the Labour Department said weekly applications for unemployment benefits leapt 38,000 to a seasonally adjusted 368,000. The increase comes after applications plummeted in the previous two weeks to five-year lows.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14804.10-156.41
S&P CDNX902.46-6.83
DJIA16806.86-236.04
Nasdaq4420.375-73.016
S&P 5001947.71-24.58
CDN Dollar0.8948+0.0018
Gold1214.80+3.2001
Oil90.32+0.56
Lumber342.00+9.10
Natural Gas4.088-0.033

 
Okanagan Companies
Pacific Safety0.15+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.01
Cantex0.065-0.025
Anavex Life Sciences0.1804-0.0036
Metalex Ventures0.0550.00
Russel Metals34.39-0.18
Copper Mountain Mining2.35-0.07
Colorado Resources0.16-0.005
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.31-0.01

 



22551

FEATURED Property
18885891680 Ross Rd.
3 bedrooms 2 baths
$189,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


23504