BlackBerry maker Research In Motion Ltd. (TSX:RIM) has become a close rival in recent days to perennial Canadian stock market No. 1 Royal Bank (TSX:RY).
RIM's market value briefly topped $68.99 billion in trading on the Toronto Stock Exchange Wendesay, eclipsing longtime frontrunner Royal Bank's intraday high market capitalization of $68.45 billion.
Shares in the maker of handheld communcations devices have risen sharply in recent months, with a 52-week range between $41.08 and $123.69.
With about 559.8 million shares outstanding, that means RIM's market value has improved from about $23 billion in that time.
RIM, the Canadian technology sector's star performer in recent years, saw its stock hit its record height Tuesday after it announced a major distribution partnership for its BlackBerry products in China.
RIM shares backed off their recent highs later Wednesday, sitting down $1.37 at $119.05 in afternoon trading.
