Friday, October 31st10.2°C
23696
23883

Gold boosts TSX, BlackBerry falls 26 %

The Toronto stock market moved sharply higher Friday, as gains in the gold sector were more than enough to offset a 26 per cent decline in BlackBerry stock after the smartphone maker surprised traders with a quarterly loss and disappointing revenue.

The S&P/TSX composite index ran up 123.33 points to 12,129.11.

BlackBerry shares (TSX:BB) tumbled $3.97 to $11.08 after saying that it lost US$84 million in the first quarter when the smartphone maker launched its latest Z10 touchscreen model.

On an adjusted basis, BlackBerry had a loss of $67 million or 13 cents per share. Analysts had expected an adjusted profit of six cents per share.

Besides the unexpected loss and disappointing revenue, analysts were uphappy with a lack of specific sales figures for BlackBerry's new smartphones.

"They're still not telling people how well they're doing," said Sadiq Adatia, chief investment officer at Sun Life Global Investment.

"We had seen a lot of negativity on BlackBerry before they initially announced the new product and the product itself is actually pretty good. (But) I think people are nervous because obviously BlackBerry has not done well on the execution side and so now they’re back to that stage of, 'I don't trust them.'"

The Canadian dollar fell 0.39 of a cent to 95.08 cents US even as Statistics Canada reported that gross domestic product grew by 0.1 per cent, which was in line with expectations.

U.S. indexes largely turned lower late in the session after three days of strong gains that reflected an atmosphere of calm that seemed to have settled on markets during this week.

The Dow Jones industrials moved 114.89 points lower to 14,909.6, the Nasdaq gained 1.39 points to 3,403.25 and the S&P 500 index ticked 6.92 points lower to 1,606.28.

The Canadian Press


Read more Business News




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 Dollar0.8876-0.0058
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
1580635Lot 5 lakeshore Road
10075784 bedrooms
$2,395,000
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


23091