TSX up as analyst upgrades RIM

The Toronto stock market closed higher Friday on further indications that China continues to recover from a recent economic slump and an analyst upgrade for BlackBerry maker Research In Motion Ltd. The S&P/TSX composite index gained 50.96 points to12,725.69, its best level in about 11 months, while the TSX Venture Exchange was 2.17 points higher to 1,235.32.

The Canadian dollar was down 0.62 of a cent (U.S.) to 100.83 cents even as Statistics Canada said manufacturing sales increased 1.7 per cent in November to $49.9 billion, the highest level since May 2012. The Dow Jones industrials gained 53.68 points to close at a five-year high of 13,649.7 .

A disappointing earnings report from chip giant Intel helped push the Nasdaq down 1.3 points to 3,134.71, while the S&P 500 index also ended the session at a fiveyear high, up 5.04 points to 1,485.98.

Research In Motion Ltd. shares were up 7.02 per cent to $15.71 (Ca- nadian) after Jefferies & Co. upgraded the stock to buy from hold and raised its price target to $19.50 from $13. Traders were relieved at data showing that growth in China rose to 7.9 per cent in the three months ended in December, up from the previous quarter’s 7.4 per cent. The March copper contract on the New York Mercantile Exchange closed up two cents at $3.68 (U.S.) a pound. The gold sector rose about 0.4 per cent with February bullion down $3.80 to $1,687 an ounce.