Friday, October 31st9.7°C
21625
23823

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

22831


Recent Trending




Today's Market
S&P TSX14613.32+154.63
S&P CDNX769.59-2.06
DJIA17390.52195.10
Nasdaq4630.742+64.604
S&P 5002018.05+23.40
CDN Dollar0.88750.00
Gold1166.30-32.2999
Oil80.55-0.35
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.85+0.63
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 





FEATURED Property
2115192#401 - 770 Rutland Road
1 bedrooms 1 baths
$185,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22707