CANADA STOCKS-Gold miners lift TSX to near six-year high
* 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 C$43.65. 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 C$136.78. (Editing by Jonathan Oatis and Andrew Hay)
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