RIM shares rise almost 20% after profit beats forecasts

Three-month trading in RIM stock on the TSX

Shares of Research In Motion Inc. jumped almost 20 per cent Friday, leaving the company's stock price at about half the peak it reached in the past year.

RIM shares surged as high as $14.45 in early trading on the TSX Friday, before losing some of the early gains to close $11.81 higher at $72.80, a 19.4 per cent rise.

The increase followed the BlackBerry maker's much higher-than-expected profit, reported after the markets closed on Thursday.

The share price gain takes the company stock back to almost half the 52-week peak, $150.30, reached on June 19, 2008. The 52-week low is $44.23, hit on Dec. 3.

Waterloo, Ont.-based RIM reported profit of $518.3 million US (90 cents a share) for the three months ended Feb. 28, compared with $412.5 million (72 cents) for the same quarter a year earlier.

Analysts were expecting RIM's profit to be about 84 cents a share, according to Thomson Reuters.

TSX slips on day, up on week

RIM's strength didn't help the broad market. The S&P/TSX composite index fell slightly, losing 7.38 points to close at 9,065.76.

But it rose 244.78 points, or 2.8 per cent, over the week, leaving the index at the highest weekly close since Jan. 9.