CANADA STOCKS-Natural resource prices, shares drive TSX higher

Mon May 12, 2014 10:58am EDT
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* TSX rises 93.72 points, or 0.64 percent, to 14,627.78
    * All of 10 main index sectors advance
    * Valeant slips after Allergan rejects bid

    By John Tilak
    TORONTO, May 12 (Reuters) - Canada's main stock index
climbed on Monday as a rally in the prices of commodities such
as gold, copper and oil helped drive up shares of natural
resource companies.
    Commodity prices benefited from worries about the situation
in Ukraine and a weaker U.S. dollar. 
    Ukrainian leader Oleksander Turchinov accused Russia of
working to overthrow legitimate state power in Ukraine after
pro-Russian rebels declared a victory in rebel referendums on
self-rule in eastern regions. 
    The Toronto market's advance came on the heels of a 1.6
percent drop in the previous week, when the Ukraine concerns and
a selloff in energy stocks weighed. The index is up about 7.4
percent this year.
    The energy sector jumped 1.4 percent on Monday and had the
biggest positive influence on the market.
    "We've got lots of momentum here. You can't argue with the
tape," said David Cockfield, managing director and portfolio
manager at Northland Wealth Management.
    "I'm reasonably positive on the oil sector," he added. "But
some of the multiples are getting a little bit high."
    Cockfield expects the Canadian market to outperform U.S.
stocks this year, but he does anticipate a market correction at
some point.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 93.72 points, or 0.64 percent, at 14,627.78.
All of the 10 main sectors on the index were higher.
    A gain in the price of oil boosted shares of energy
producers. Canadian Natural Resources Ltd was up 1.8
percent at C$43.65, and Suncor Energy Inc gained 1.2
percent to C$42.63. 
    The materials sector, which includes mining stocks, climbed
1.5 percent. Teck Resources Ltd added 3.3 percent to
C$25.19, First Quantum Minerals Ltd advanced 4 percent
to C$21.84 and Goldcorp Inc rose 1.3 percent to C$27.45.
    The price of bullion rose 1.1 percent, while copper jumped
2.1 percent.
    In corporate news, U.S. drugmaker Allergan Inc 
rejected Valeant Pharmaceuticals International Inc's 
unsolicited takeover offer, saying it substantially undervalued
the company. Valeant shares gave back 1.4 percent to C$140.94.

 (Editing by Nick Zieminski)