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CANADA STOCKS-TSX buoyed as energy, miners shine but BlackBerry sinks on miss

Published 2017-06-23, 04:51 p/m
Updated 2017-06-23, 05:00 p/m
© Reuters.  CANADA STOCKS-TSX buoyed as energy, miners shine but BlackBerry sinks on miss

© Reuters. CANADA STOCKS-TSX buoyed as energy, miners shine but BlackBerry sinks on miss

* TSX up 99.66 points, or 0.65 percent, to 15,319.56

* Eight of the TSX's 10 main groups rise

* Energy stocks up 1.4 percent; materials up 1.8 percent

* BlackBerry suffers biggest one-day fall since January 2015

By Solarina Ho

TORONTO, June 23 (Reuters) - Canada's main stock index rallied on Friday as index heavyweights like energy and mining shone, while BlackBerry Ltd BB.TO shares suffered its biggest one-day drop in 2-1/2 years after disappointing first quarter sales.

BlackBerry reported an unexpected 4.7 percent drop in revenue from its software and services business, whose success is at the heart of Chief Executive John Chen's turnaround plan for the company. tumbled 12.3 percent to C$12.86, with the overall technology group gave up 0.5 percent.

Enbridge Inc ENB.TO rose 1.2 percent to C$52.22, while Suncor Energy SU.TO advanced 1.1 percent to C$38.52 as oil prices bounced from 10-month lows on the back of a softer U.S. dollar.

The overall energy group saw a robust 1.4 percent gain. U.S. crude CLc1 prices were up 0.8 percent to $43.1 a barrel, while Brent crude LCOc1 added 1.0 percent to $45.66. O/R

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 99.66 points, or 0.65 percent, to finish at 15,319.56. The index gained 0.83 percent on the week.

Eight of the index's 10 main groups finished in positive territory.

Paul Taylor, CIO of fundamental equities at BMO Asset Management Inc, said there was widespread strength across the board.

"It's just a bit of a continued rally coming out of the 'Oracle (NYSE:ORCL) of Omaha' betting with his dollars in favor of Canada housing. It's a pretty strong endorsement," said Taylor, referring to news on Thursday that billionaire investor Warren Buffett's Berkshire Hathaway (NYSE:BRKa) Inc BRKa.N made a commitment to provide financing for troubled alternative mortgage lender Home Capital Group HCG.TO . Capital jumped as much as 9.2 percent on Friday before seeing some profit-taking. Shares ended down 2.1 percent at C$18.61. The overall financials group, which accounts for about a third of the index's weight gained 0.2 percent.

The materials group, home to miners and fertilizer companies, added 1.8 percent, with Barrick Gold Corp ABX.TO climbing 2.7 percent to C$21.86. Teck Resources TECKb.TO climbing 4.6 percent to C$21.97.

Gold prices touched a one-week high as the weaker greenback and global geopolitical uncertainties boosted the precious metal. Gold futures GCc1 rose 0.7 percent to $1,256.2 an ounce. Copper prices CMCU3 advanced 1.0 percent to $5,800 a tonne. MET/L GOL/

In economic data, Canada's annual inflation rate cooled more than expected last month, reducing the likelihood of an interest rate hike by the Bank of Canada in July. ECONCA issues outnumbered declining ones on the TSX by 200 to 44, for a 4.55-to-1 ratio on the upside.

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