TSX up on optimism over blackberry z10

Optimism that BlackBerry’s new Z10 smartphone will make a big splash in the U.S. helped push the Toronto stock market slightly higher Monday. The S&P/TSX composite index closed up 22.88 points to 12,858.49 and the TSX Venture Exchange slipped 1.58 points to 1,116.27.

BlackBerry shares ran up $1.86 or 13.85% to $15.29 amid news that the new Z10 smartphone will go on sale in the U.S. March 22. The Z10 has already launched in Canada and the U.K. to date. But a success in the U.S. smartphone market is considered key to the new BlackBerrys.

The Canadian dollar edged up US0.26¢ to US97.43¢.

In New York, the Dow Jones racked up yet another record high close, as it did in a string of higher closes last week. The Dow has now recouped all losses from the 2008 financial crisis and the recession that followed. The blue chip barometer gained 50.22 points to 14,447.29, the Nasdaq composite index edged 8.50 points higher to 3,252.87 and the S&P 500 index was up 5.04 points to 1,556.22.

Commodity prices and TSX resource stocks had earlier retreated following the release of weaker than expected Chinese economic data over the weekend.

Industrial production was up 9.9% year over year in January while retail sales rose 12.3% in February. However, both figures were below expectations.

Worries also grew that China’s central bank is reining in lending as other figures showed that new loans came in at a less than expected 620 billion yuan. On top of it all, China’s inflation rate was 3.2% in February, higher than economists expected.

“It’s slowing down from its best levels, but the whole world economy has slowed their growth,” said Sadiq Adatia, chief investment officer at Sun Life Financial.

“And China feels the same pain but it still has a much, much higher growth rate than any around the world.”

In the metals market, May copper shook off early declines to close a cent higher at US$3.52 a pound. Base metals recovered early losses and closed slightly higher.

Inmet Mining Corp. is the target of a $5.1-billion hostile takeover offer from

First Quantum Minerals Ltd., which has said its offer of stock and cash worth about $72 per share will expire later Monday. Toronto-based Inmet has recommended that shareholders reject First Quantum’s bid, although it hasn’t produced a superior offer. Inmet shares rose 11¢ to $68.63 while First Quantum was 22¢ higher at $20.64.

The energy sector also moved into positive territory, up 0.27% with April crude on the New York Mercantile Exchange up 11¢ to US$92.06 a barrel. Suncor Energy gained 13¢ at $31.58.