Canadian markets hit pre-recession levels

TORONTO - Canadian markets hit a new high Wednesday after the global meltdown, with the composite index on the Toronto Stock Exchange (TSX) closing at 13,148.35 points.

The last time the Toronto Stock Exchange - the world’s biggest energy and mining market - had closed at these levels was in September 2008.

Keeping the momentum in line with Wall Street which rose after positive economic data, the TSX composite index jumped 195.47 points Wednesday, with mining stocks gaining four per cent.

The financial sector was also up 1.7 percent, with the country’s top Royal Bank of Canada and Manulife Financial rising more than two percent each. The energy and health-care sectors were also up.

However, shares of the BlackBerry maker Research In Motion (RIM) ended in negative territory Wednesday after surging more than five percent Tuesday.

As the closing bell rang, RIM stock was trading at $62.83, down 42 cents.

The slight dip in RIM stock could be attributed to reports that the

BlackBerry maker is suing Kik Messenger, maker of a free instant chat app, for violating contractual agreement.

The Canadian dollar - called the loonie - also rose 0.92 cents close at 98.33 cents US.

The loonie has gained more than 20 percent against the greenback since March 2009 when it sank to less than 77 cents US. It had hit the historic high of 1.10 cents US in November 2007.

If the current positive sentiment persists form some more time, the world’s top exchange in oil, gas and mining is soon

likely to reach within striking distance of its all-time high of 14,666.07 reached May 12, 2008.

The TSX is North America’s third largest stock exchange, with more than 1480 companies listed on it.

(Gurmukh Singh can be contacted at gurmukh.s@ians.in)