BlackBerry, the smartphone maker, increased 1.5 percent after analysts with FBR & Co. raised the stock’s rating to market perform as the company shifts into different businesses. Nevsun Resources Ltd. (NSU) gained 2.5 percent after raising its estimate of the amount of copper resources at its mines in Eritrea. Just Energy Group Inc., which sells natural gas to residences, added 4.2 percent as natural gas prices surged to a two-week high in New York amid winter storms across the U.S.
The Standard & Poor’s/TSX Composite Index (SPTSX) rose 7.09 points, or 0.1 percent, to 14,061.85 at 10:04 a.m. in Toronto. The benchmark equity gauge has jumped 4.4 percent in 10 days for the longest rally since March 1995 and is trading at its highest level since 2011. Canadian markets were closed yesterday for the Family Day holiday in Toronto.
“We are currently at a crossroads” with short-term data suggesting a pullback in the near future for both the S&P/TSX and S&P 500, said Javed Mirza, a technical analyst at RBC Capital Markets, in a report to clients yesterday.
If the Canadian gauge falls below the early February lows of 13,450, then it is likely a longer correction is developing, Mirza said. A “sideways move” in price in the next one to three weeks would instead suggest a rally over the next one to two quarters.
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