TSX bounces back from record drop
TORONTO (Bloomberg) - Canada's main stock index rose, rebounding from the steepest decline since March, as Royal Bank of Canada and other financial companies climbed on speculation that a drop to a three-month low was not justified.
Research in Motion Ltd. increased for the first time in five days after the BlackBerry maker won a delay in a patent- infringement trial. Agrium Inc. led raw-materials producers lower, limiting the market's gain, on concern that a slowing economy in the US and record crude-oil prices may hurt demand for Canada's resource exports.
The Standard & Poor's/TSX Composite Index added 0.8 percent to 14,143.57 at 4pm in Toronto, after a three percent decline yesterday spurred by drops in commodity prices. The Canadian benchmark has risen 1.9 percent this year, the only increase among indexes for the world's 20 biggest stock markets.
A measure of financial shares gained 2.3 percent for the biggest gain among 10 industry groups in the S&P/TSX. Royal Bank, the nation's biggest lender, added 2.7 percent to C$45.20. Smaller rival Bank of Nova Scotia rose 2.8 percent to C$47.14.
Research In Motion added 1.7 percent to C$119.65 for its first advance in five days.
The maker of the BlackBerry e-mail device won a delay in a patent-infringement trial until US regulators complete a review of the Visto Corp. technology.
A gauge of raw-materials producers in the S&P/TSX index fell 0.3 percent after leading the market's declines yesterday.
Agrium, North America's third-largest maker of fertiliser, dropped 4.8 percent to C$100.06.
Canadian Natural Resources Ltd., the country's second- biggest natural-gas company, fell for a second day, slipping 1.6 percent to C$97.92.