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Canadian stocks rally as Blackberry higher on new smartphone

Xinhua, July 27, 2016 Adjust font size:

Canada's main stock market in Toronto rose Tuesday on rising miners and materials stocks as Blackberry released its latest smartphone.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 51.90 point, or 0.36 percent, to close at 14,550.00 points. Five of the TSX index's eight main sub-sectors were higher.

In a bid to once again make its struggling hardware business profitable, BlackBerry launched a new smartphone on Tuesday billed as the most secure Android device available.

The Waterloo, Ontario-based company said the new DTEK50 target audience is "everyone" due to the increasing threat that mobile security risks now pose to the public at large.

The company said the DTEK50 is currently available for pre-order online, with plans to start shipping Aug. 8. The new phone will retail for 429 Canadian dollars.

BlackBerry Limited went up 1.93 percent to 9.53 Canadian dollars (7.23 U.S. dollars) per share.

Oil prices dropped on Tuesday, with U.S. crude hitting three-month lows, as rising U.S. crude rigs and fuel inventories spurred market concerns that another glut is building up.

U.S. Texas light sweet crude for September delivery lost 0.21 U.S. dollars to settle at 42.92 U.S. dollars a barrel, while Brent crude for September delivery added 0.15 U.S. dollars to close at 44.87 U.S. dollars a barrel.

However, TSX energy managed to go up 0.51 percent and metals & mining sector led the advance with a 3.21 percent rise, as Teck Resources Limited jumped 4.27 percent to 18.57 Canadian dollars and Barrick Gold Corporation added 2.90 percent to 26.97 Canadian dollars.

Meanwhile, the country's biggest banks were among the most influential gainers, with Royal Bank of Canada up 0.68 percent at 80.41 Canadian dollars and Toronto-Dominion Bank adding 0.24 percent to 57.31 Canadian dollars.

WestJet Airlines Ltd. fell 0.52 percent to 22.81 Canadian dollars after reporting higher-than-expected quarterly revenue and profit on more passenger traffic and lower fuel costs.

Canadian National Railway dropped 0.54 percent to 83.54 Canadian dollars after reporting better-than-expected second-quarter earnings after the bell on Monday.

The Canadian dollar traded higher at 0.7582 U.S. dollar, compared with Monday's closing rate of 0.7564 U.S. dollar. Endit