TORONTO (Reuters) – Canada’s main stock index rose on Thursday, helped by gains among energy stocks as oil prices picked up and as BlackBerry Ltd (BB.TO) moved higher after announcing an automotive partnership with chipmaker Qualcomm.
– At 10:10 a.m. ET (1510 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 90.43 points, or 0.57 percent, at 15,999.21.
– Oil prices gained after a sharp selloff on Wednesday following an unexpectedly large rise in U.S. stocks of refined products. [O/R]
– BlackBerry added 1.3 percent to C$13.22 after announcing it would expand its partnership with chipmaker Qualcomm into automotive systems on a non-exclusive basis.
– Dollarama Inc (DOL.TO) rose 2.4 percent to C$153.25 after announcing a share buyback plan and as a string of analysts adjusted their price targets on the stock.
– Nine of the index’s 10 main sectors were in positive territory, with utilities the sole declining group.
– Advancers were outnumbering decliners by a 3.6-to-1 ratio.
– The financials group gained 0.3 percent, industrials rose 0.7 percent, and the materials group, which includes precious and base metals miners and fertilizer companies, added 0.6 percent.
– Westjet Airlines Ltd (WJA.TO) was up 1.9 percent at C$26.89 after RBC raised its price target on the stock after its Wednesday announcement of a joint venture with Delta Air Lines.
– Emera Inc (EMA.TO) fell 3.1 percent to C$47.77 after the energy company announced a bought deal to raise at least C$700 million.
– Valeant Pharmaceuticals International Inc (VRX.TO) rose 3.2 percent, recovering most of a fall on Wednesday after announcing the pricing on its latest debt issuance.
Reporting by Alastair Sharp; Editing by Susan Thomas