CANADA STOCKS-Gold miners lift TSX to near six-year high

Tue Jun 10, 2014 5:27pm EDT
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* TSX up 33.17 points, or 0.22 percent, at 14,904.38
    * Seven of 10 main index sectors advance
    * Valeant falls after Allergan rejects takeover offer

    By John Tilak
    TORONTO, June 10 (Reuters) - Canada's main stock index
climbed slightly to hit its highest in nearly six years on
Tuesday, buoyed by a jump in gold-mining shares after the price
of bullion gained.
    Investors appeared reluctant to acquire major positions in
the absence of major economic or earnings news. One catalyst for
the market is expected to be the U.S. Federal Reserve's
commentary next week on the future direction of its monetary
stimulus program.
    The Toronto market, which is up more than 9 percent this
year, has climbed in each of the last eight sessions, raising
concerns that a pullback might be around the corner.
    "It's been too much of a rally," said Keith Richards,
portfolio manager and technical analyst at ValueTrend Wealth
Management. "The market is probably very ripe for a correction."
    He added, however, that he was bullish about the prospects
for the market over the long term.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 33.17 points, or 0.22 percent, at 14,904.38.
Seven of the 10 main sectors on the index were higher.
    The gold-mining sector jumped 2.2 percent, with Barrick Gold
Corp adding 1.7 percent to C$17.72 and Goldcorp Inc
 climbing 3.8 percent to C$26.08.
    Shares of energy producers rose, shrugging off lower oil
prices. Suncor Energy Inc advanced 0.6 percent to
    In corporate news, U.S. drugmaker Allergan Inc 
rejected a sweetened $53 billion takeover offer from Valeant
Pharmaceuticals International and activist investor
William Ackman. Valeant shares gave back 0.9 percent to

 (Editing by Jonathan Oatis and Andrew Hay)