CANADA STOCKS-TSX hits two-week high as Ukraine concerns ease
* TSX up 31.19 points, or 0.20 percent, at 15,335.43 * Eight of 10 main index sectors advance * Gold miners down as bullion price declines By John Tilak TORONTO, Aug 18 (Reuters) - Canada's main stock index reached its highest level in more than two weeks on Monday as the risk of a further escalation of the conflict in Ukraine appeared to diminish, boasting gains in most major sectors. Fears of a broader regional conflagration over Ukraine started to ease after Russia said on Sunday that weekend talks among foreign ministers made progress in resolving differences. Even so, investors remained unsettled when Ukraine accused pro-Russian rebels on Monday of shooting rocket fire on a convoy of buses of refugees, killing people trapped in burning vehicles but the separatists denied responsibility. "Nobody wants to see a war in Europe. The fact that Putin is pulling back makes everybody a little more comfortable," said David Baskin, portfolio manager and president of Baskin Financial Services. The Toronto market was up for a third straight session and has gained nearly 13 percent this year. Investors are wondering if stock prices might have run ahead of themselves. "The market is certainly not cheap. You have to hunt to find cheap stocks right now," Baskin said. However, he said that sectors such as oil sands and telecommunications still offer good value in the Canadian market. The Toronto Stock Exchange's S&P/TSX composite index was up 31.19 points, or 0.20 percent, at 15,335.43. Eight of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, added 0.6 percent, with Royal Bank of Canada climbing 0.8 percent to C$80.52 and Bank of Nova Scotia advancing 0.6 percent to C$72.83. Shares of industrial companies rose 0.6 percent. Air Canada jumped 4.7 percent to C$8.39. The gold-mining sector slipped with the price of bullion. Barrick Gold Corp shed 1.2 percent to C$20.40, and Goldcorp Inc declined 0.9 percent to C$30.87. (Editing by W Simon)
© Thomson Reuters 2016 All rights reserved.