CANADA STOCKS-TSX advances as oil, gold shares strengthen
* TSX up 33.25 points, or 0.23 percent, at 14,303.58 * Six of the 10 main index sectors advance * Gold miners gain with bullion price By John Tilak TORONTO, April 8 (Reuters) - Canada's main stock index edged higher on Tuesday with firmer commodity prices lifting gold and oil shares as the market mood calmed after a sharp selloff in U.S. markets in recent sessions had hit investor sentiment. Due to increasing fears that share prices might have run ahead of themselves, investors have been pulling out of the U.S. biotechnology and technology sectors, dragging Wall Street lower. Also weighing on stocks have been concerns about the U.S. Federal Reserve's efforts to roll back its monetary stimulus program and uncertainty about when the Fed might raise interest rates. On the Toronto stock market, gains in energy and gold-mining shares after the prices of oil and bullion climbed helped offset weakness in some other sectors. "It's a market that is trying to reformulate itself," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "I'm not sure that this correction is over, but it's encouraging to see that it doesn't go straight down," he added. "The effect of tapering is beginning to affect liquidity to a degree." The Toronto Stock Exchange's S&P/TSX composite index was up 33.25 points, or 0.23 percent, at 14,303.58. The benchmark index, which is up about 5 percent in 2014, has outperformed Wall Street's S&P 500 index so far this year. "I don't expect the Canadian market to match any downside, but I don't see our market charging ahead if the U.S. market is heading south," Cockfield said. "We don't have any supercharged P/Es in the Canadian market." Six of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, were up slightly. Bank of Montreal climbed 0.6 percent to C$74.92. Shares of gold producers rose 1.1 percent, helped by a near 1 percent gain in the price of the precious metal. Goldcorp Inc added 1 percent to C$27.44, and Barrick Gold Corp was up 0.9 percent, at C$20.32. The energy sector benefited from higher oil prices. Suncor Energy Inc advanced 2.4 percent to C$39.97, and Canadian Natural Resources Ltd rose 0.9 percent to C$43.68. ($1=$1.09 Canadian) (Editing by Peter Galloway)
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