CANADA STOCKS-TSX at highest in nearly 6 years, led by energy, mining

Mon Jun 9, 2014 11:03am EDT
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* TSX rises 35.91 points, or 0.24 percent, to 14,874.81
    * Nine of 10 main index sectors advance
    * Ritchie Bros jumps after analyst upgrade

    By John Tilak
    TORONTO, June 9 (Reuters) - Canada's main stock index rose
on Monday to its highest in nearly six years after higher
commodity prices helped drive up shares in the energy and mining
    Oil prices jumped more than 1 percent, while the prices of
bullion and silver also traded in positive territory. 
    The Toronto market was up for a seventh straight session and
has gained more than 9 percent this year, but some investors are
starting to get concerned about stock prices outpacing
    "The valuations are extended. We're at a point where I would
be a bit nervous on the TSX side of things," said Sadiq Adatia,
chief investment officer at Sun Life Global Investments, who
expects a market correction at some point.
    "In Canada, you do want to be more value-oriented," he
added. "As we do have a pullback, you want to be playing that
quite defensively."
    Adatia is more bullish about the U.S. stock market based on
the strength of the world's biggest economy. "The U.S. still has
room to go higher. I don't think it's over-valued."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 35.91 points, or 0.24 percent, at 14,874.81,
its highest since June 19, 2008.  Nine of the 10 main sectors on
the index were higher.
    Shares of energy producers climbed 0.3 percent. Suncor
Energy Inc was up 0.7 percent at C$43.15, and Canadian
Natural Resources Ltd advanced 0.2 percent to C$46.10. 
    The materials sector, which includes mining stocks, gained
0.3 percent. Barrick Gold Corp added 0.6 percent to
C$17.62, and Agrium Inc rose 0.5 percent to C$99.69.
    In corporate news, Ritchie Bros Auctioneers Inc 
jumped 6 percent, to C$26.75, after Cantor Fitzgerald and raised
its rating on the stock. 

 (Editing by W Simon)