CANADA STOCKS-TSX rises with financial, mining shares

Mon Oct 6, 2014 10:48am EDT
 
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* TSX up 33.88 points, or 0.23 percent, at 14,823.66
    * Six of 10 main index sectors advance
    * Mining shares climb with commodity prices

    By John Tilak
    TORONTO, Oct 6 (Reuters) - Canada's main stock index
advanced on Monday, driven by gains in the financial and mining
sectors, as the market rebounded from a decline in the previous
week.
    The U.S. dollar's weakness helped put some life into sagging
equity markets, which have been battered in recent weeks over
concerns about geopolitics and the U.S. Federal Reserve's
monetary policy. 
    The benchmark TSX, which has recorded declines in each of
the past five weeks, began a recovery on Friday after a positive
U.S. jobs report eased some worries about the ongoing economic
recovery. 
    "The market is chugging along. I'm looking to see if we
we'll hold at this level," said David Cockfield, managing
director and portfolio manager at Northland Wealth Management.
    "I'm still on the fence. There's no incentive to rush out to
buy," he added.
    Cockfield said the outlook for Canadian equities was still
bullish over the long term.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 33.88 points, or 0.23 percent, at 14,823.66.
Six of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.7 percent, with Royal Bank of Canada climbing 0.8
percent to C$80.69 and Toronto Dominion Bank gaining 0.7
percent to C$54.51.
    The materials sector, which includes mining stocks,
benefited from strength in commodity prices. First Quantum
Minerals Ltd advanced 0.8 percent to C$21.02, and
Goldcorp Inc firmed 0.3 percent to C$25.54.
    Air Canada jumped 4.8 percent, to C$8.26, after
reaching a tentative agreement with its pilots' union on a new
10-year contract a year and a half ahead of the expiry of the
current contract. 

 (Editing by Meredith Mazzilli)