The Toronto Stock Exchange managed to deliver positive results in inter-day trading Friday despite a steep plunge in shares of Research In Motion and continuing losses in crude oil prices.
By midday, the S&P/TSX composite index was ahead 32.01 points, or 0.25 per cent, to 12,885.14.
Shares in RIM fell by $7.30, or 21.24 per cent, knocking $3.8 billion from the beleaguered BlackBerry maker's market capitalization, after the company reported weak quarterly earnings and guidance for the quarter and year ahead.
Since hitting a peak of $149.90 in June 2008, when the company's market cap totalled $78.5 billion, the value of its shares now totals just over $14 billion.
Global markets were in a more positive mood on Friday after signs of progress on Greece's sovereign-debt issues emerged, easing fears of default.
In Berlin, the leaders of Germany and France, German Chancellor Angela Merkel and French President Nicolas Sarkozy, said they agreed on a solution for a rescue package favoured by Paris and the European Central Bank. Merkel retreated from demands that bondholders shoulder a "substantial" part of the cost of a Greek rescue.
U.S. crude oil prices nevertheless fell to their lowest level in about four months, off $1.29 U.S. a barrel to $93.66 U.S..
"There are still a lot of questions about the Greek bailout and what that will mean for the demand picture," Phil Flynn, vice president of research at PFGBest in Chicago, told Bloomberg. "The oil market seems more skeptical about the debt crisis than the equity market. A lot of technical damage was done to the market this week."
Canada's Big Six banks were among those leading the TSX to the upside, with Royal Bank, Canada's biggest, gaining 89 cents, or 1.66 per cent, to $54.58.
Ottawa's Bridgewater Systems jumped more than 28 per cent, or by $1.78, to $8.11 after the Ottawa-based maker of network management technology, was acquired on Friday by Missouri-headquartered telecom software firm Amdocs Ltd. for $211 million.
The $8.20 per share cash deal represents a 33 per cent premium on the value of Bridgewater shares on the Toronto Stock Exchange as of market close on Thursday.
The Canadian dollar meanwhile rose 31 basis points to $1.0202 U.S. and gold rose $11.20 U.S. an ounce to $1,541.00.
In the U.S., the Dow Jones industrial average rose 75.23 points, or 0.63 per cent, to 12,036.75 while the Nasdaq composite index climbed 5.93 points, or 0.23 per cent, to 2,629.63.
European stocks were up across the board. Frankfurt's DAX was ahead 58.17 points, to 0.82 per cent, to 7,168.37, while London's FTSE added 15.81 points, or 0.28 per cent, to 5,714.62 and the Paris CAC rose 0.79 per cent, or 29.96 points, to 3,822.27.
Tokyo's Nikkei stock average fell 163.04 points, or 1.7 per cent, to 9,411.28. Hong Kong's Hang Seng index lost 390.66 points, or 1.75 per cent, to 21,953.11.
On Thursday, the S&P/TSX closed Thursday at 12,853.13, a drop of 0.92 per cent, or 118.90 points. The Dow rose 64.25 points, or 0.54 per cent, to 11,961.52, while the Nasdaq dropped 7.76 points, or 0.29 per cent, to 2,623.70.
By midday, the S&P/TSX composite index was ahead 32.01 points, or 0.25 per cent, to 12,885.14.
Shares in RIM fell by $7.30, or 21.24 per cent, knocking $3.8 billion from the beleaguered BlackBerry maker's market capitalization, after the company reported weak quarterly earnings and guidance for the quarter and year ahead.
Since hitting a peak of $149.90 in June 2008, when the company's market cap totalled $78.5 billion, the value of its shares now totals just over $14 billion.
Global markets were in a more positive mood on Friday after signs of progress on Greece's sovereign-debt issues emerged, easing fears of default.
In Berlin, the leaders of Germany and France, German Chancellor Angela Merkel and French President Nicolas Sarkozy, said they agreed on a solution for a rescue package favoured by Paris and the European Central Bank. Merkel retreated from demands that bondholders shoulder a "substantial" part of the cost of a Greek rescue.
U.S. crude oil prices nevertheless fell to their lowest level in about four months, off $1.29 U.S. a barrel to $93.66 U.S..
Canada's Big Six banks were among those leading the TSX to the upside, with Royal Bank, Canada's biggest, gaining 89 cents, or 1.66 per cent, to $54.58.
Ottawa's Bridgewater Systems jumped more than 28 per cent, or by $1.78, to $8.11 after the Ottawa-based maker of network management technology, was acquired on Friday by Missouri-headquartered telecom software firm Amdocs Ltd. for $211 million.
The $8.20 per share cash deal represents a 33 per cent premium on the value of Bridgewater shares on the Toronto Stock Exchange as of market close on Thursday.
The Canadian dollar meanwhile rose 31 basis points to $1.0202 U.S. and gold rose $11.20 U.S. an ounce to $1,541.00.
In the U.S., the Dow Jones industrial average rose 75.23 points, or 0.63 per cent, to 12,036.75 while the Nasdaq composite index climbed 5.93 points, or 0.23 per cent, to 2,629.63.
European stocks were up across the board. Frankfurt's DAX was ahead 58.17 points, to 0.82 per cent, to 7,168.37, while London's FTSE added 15.81 points, or 0.28 per cent, to 5,714.62 and the Paris CAC rose 0.79 per cent, or 29.96 points, to 3,822.27.
Tokyo's Nikkei stock average fell 163.04 points, or 1.7 per cent, to 9,411.28. Hong Kong's Hang Seng index lost 390.66 points, or 1.75 per cent, to 21,953.11.
On Thursday, the S&P/TSX closed Thursday at 12,853.13, a drop of 0.92 per cent, or 118.90 points. The Dow rose 64.25 points, or 0.54 per cent, to 11,961.52, while the Nasdaq dropped 7.76 points, or 0.29 per cent, to 2,623.70.
