CANADA STOCKS-Encana, other energy shares push TSX higher
* TSX rises 20.06 points, or 0.14 percent, to 14,675 * Seven of the 10 main index sectors advance * Encana jumps 2.8 percent after reporting results * Valeant climbs; says it will "improve" Allergan bid By John Tilak TORONTO, May 13 (Reuters) - Canada's main stock index rose on Tuesday as strong quarterly results fueled a jump in shares of Encana Corp and higher oil prices boosted other energy producers. Encana climbed 2.8 percent after the natural gas producer's first-quarter operating profit more than doubled, helped by higher gas prices and liquids production. Feeding into the market mix was economic data from the world's two biggest economies. U.S. retail sales barely rose in April and a gauge of consumer spending slipped. In China, figures showed a widespread slowing of economic activity in April, with data from output to investment and consumption all missing market expectations, increasing calls for government policies to support growth. The Toronto stock market's benchmark index was up for a second straight session, and has gained about 7.7 percent this year. "The market is impervious to all the negativity out there and continues to move higher," said Irwin Michael, portfolio manager at ABC Funds. "People are unsure where to put the money," he added. "It's tougher and tougher for stock pickers, the higher the market goes." The Toronto Stock Exchange's S&P/TSX composite index was up 20.06 points, or 0.14 percent, at 14,675. "We believe the TSX will end the year higher than where it is right now, but it will be exceedingly volatile," Michael said. Seven of the 10 main sectors on the index were up on Tuesday. Shares of energy companies rose 0.3 percent. Suncor Energy Inc added 0.3 percent to C$42.93, and Talisman Energy Inc advanced 0.7 percent to C$11.68. The materials sector, which includes mining stocks, climbed 0.2 percent, with Agrium Inc rising 1.1 percent to C$101.81. In other corporate news, Valeant Pharmaceuticals International Inc said it will "improve" its $47 billion takeover offer for drugmaker Allergan Inc. Valeant shares were up 0.4 percent at C$142.48. ($1=$1.09 Canadian) (Editing by Peter Galloway)
© Thomson Reuters 2016 All rights reserved.