RIM and Telus Boost TSX

5:00 am on December 20, 2005 | Category: Business

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The Toronto Stock Exchange gained ground on Monday, fueled largely by telecommunications stocks including Telus and Research in Motion.

Telus’s gains were mostly due to the recent release of their highly optimistic forecast, and more improtantly, the fact that it was declared solid by Merrill Lynch & Co. The promising numbers were enough to make the famous brokerage firm increase its recommendation on Telus to “buy” from “neutral”. As a result, Telus stocks gained $0.76 to close at C$46.30.

RIM was also a driving force in yesterday’s bull market with new hopes that the legal challenges brought against the company by NTP may soon be dismissed. Investors had previously been selling the stock on fears that NTP’s lawsuit could force RIM to stop selling its popular BlackBerry device in the US market. RIM’s stock price made gains of C$2.15, closing at C$73.90.

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    Edited by Jeremy Maddock