CANADA STOCKS-Resources help TSX overcome soft U.S. data

Thu Jun 12, 2014 4:50pm EDT
 
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* TSX up 17.50 points, or 0.12 percent, at 14,909.63
    * Six of the 10 main index sectors decline
    * Mining shares follow gold and silver prices higher

    By John Tilak
    TORONTO, June 12 (Reuters) - Canada's main stock index edged
higher on Thursday as a jump in shares of energy and gold-mining
companies helped offset broader market weakness fueled by
sluggish U.S. economic data.
    U.S. retail sales growth missed expectations in May and
first-time applications for unemployment benefits rose last
week, data showed. 
     Increasing violence in Iraq heightened worries of a broader
conflict, but those same concerns helped boost oil prices to a
three-month high. On the Toronto market, shares
of energy producers climbed 1.7 percent, with Suncor Energy Inc
 jumping 2.8 percent to C$45.44 and Canadian Natural
Resources Ltd adding 1.8 percent to C$47.06.
    The Canadian benchmark index is up more than 9 percent this
year and has outperformed most other major global indexes. 
    "The market keeps going up, but I wouldn't call it anywhere
near a bubble in terms of investors pouring money in," said Ian
Nakamoto, director of research at MacDougall, MacDougall &
MacTier.
    "The mood is still cautious out there," he added. "There's
still room to grow here."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 17.50 points, or 0.12 percent, at 14,909.63.
Six of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, gave
back 0.4 percent. Royal Bank of Canada lost 0.2 percent
to C$74.69, and Toronto-Dominion Bank slipped 0.5
percent to C$54.37.
    The materials sector, which includes mining stocks,
reflected higher prices for commodities such as gold and silver
and was up 1.3 percent. In the group, Goldcorp Inc was up
3.2 percent at C$27.20, and Barrick Gold Corp advanced
1.7 percent to C$18.16.
    ($1=$1.08 Canadian)

 (Editing by Jeffrey Benkoe; and Peter Galloway)