12/27/2012 10:53 EST | Updated 02/26/2013 05:12 EST

RIM shares rise another 13% after Christmas shutdown

RIM shares marched higher on Thursday after the Toronto Stock Exchange reopened following a two-day closure for the Christmas holiday period.

Waterloo, Ont.-based Research In Motion gained $1.27, or more than 12 per cent, to trade at 11.77.

That's the first strong gain since the company released quarterly results last Monday. The results themselves were actually better than expected, with revenue holding steady.

But at the news conference that accompanied the data's release, CEO Thorsten Heins warned the company's revenue model is likely to change drastically moving forward, as carriers become less willing to pay so much to use RIM's secure network.

RIM shares had been as high as almost $14 before that news. They quickly lost about 25 per cent of their value in the sell-off that followed. But from the $6 level RIM was at as recently as September, the stock has been on quite a run, more than doubling over that period.

RIM shares gained ground Wednesday on U.S. markets while the Toronto Stock Exchange was closed, and the TSX followed Nasdaq's lead on Thursday.

In New York, RIM shares continued to move higher Thursday, adding about 18 cents, or nearly two per cent, from the Wednesday close.

At the end of January, RIM will release its line of BlackBerry 10 smartphones to consumers.