BlackBerry passport, iPhones and the stock market

The Canadian stock market rallied after a week of slides, thanks in part to BlackBerry

Canadian stocks – as measured by Canada’s leading index, the S&P/TSX composite index -- bounced back on Friday, Sept. 26 after a week of sliding downhill. The index closed the week at 15,026.77 after dipping below 15,000 earlier in the week.

The index has been above 15,000 pretty consistently since early June. But the dip below that mark may become more regular. 

Before March the last time the S&P/TSX index was at 15,000 was in June 2008. By March 2009 it was less than 8,000.

But a crash is unlikely although we could be due for a correction, according to BMO’s chief investment officer Paul Taylor.

One of the good news stories was about BlackBerry, a Canadian underdog that once led the market in Canada for business phone usage.  That was of course before Apple’s iPhone came to Canada.

On Sept. 24 BlackBerry released its latest phone – or is it a phablet? – called the BlackBerry passport.  And apparently it’s pretty cool

BlackBerry sold 200,000 units in two days, selling out in six hours on BlackBerry’s website and within 10 hours on Amazon.com, the company said.

Of course that doesn’t hold a candle to the 10 million iPhone 6’s and iPhone 6 Pluses that were sold during the first weekend those phones were for sale. But as Bloomberg reports, BlackBerry has a much smaller market – business people, compared to the consumer reach Apple has.

fanderson@biv.com