CANADA STOCKS-Natural resource prices, shares drive TSX higher
* TSX rises 93.72 points, or 0.64 percent, to 14,627.78 * All of 10 main index sectors advance * Valeant slips after Allergan rejects bid By John Tilak TORONTO, May 12 (Reuters) - Canada's main stock index climbed on Monday as a rally in the prices of commodities such as gold, copper and oil helped drive up shares of natural resource companies. Commodity prices benefited from worries about the situation in Ukraine and a weaker U.S. dollar. Ukrainian leader Oleksander Turchinov accused Russia of working to overthrow legitimate state power in Ukraine after pro-Russian rebels declared a victory in rebel referendums on self-rule in eastern regions. The Toronto market's advance came on the heels of a 1.6 percent drop in the previous week, when the Ukraine concerns and a selloff in energy stocks weighed. The index is up about 7.4 percent this year. The energy sector jumped 1.4 percent on Monday and had the biggest positive influence on the market. "We've got lots of momentum here. You can't argue with the tape," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "I'm reasonably positive on the oil sector," he added. "But some of the multiples are getting a little bit high." Cockfield expects the Canadian market to outperform U.S. stocks this year, but he does anticipate a market correction at some point. The Toronto Stock Exchange's S&P/TSX composite index was up 93.72 points, or 0.64 percent, at 14,627.78. All of the 10 main sectors on the index were higher. A gain in the price of oil boosted shares of energy producers. Canadian Natural Resources Ltd was up 1.8 percent at C$43.65, and Suncor Energy Inc gained 1.2 percent to C$42.63. The materials sector, which includes mining stocks, climbed 1.5 percent. Teck Resources Ltd added 3.3 percent to C$25.19, First Quantum Minerals Ltd advanced 4 percent to C$21.84 and Goldcorp Inc rose 1.3 percent to C$27.45. The price of bullion rose 1.1 percent, while copper jumped 2.1 percent. In corporate news, U.S. drugmaker Allergan Inc rejected Valeant Pharmaceuticals International Inc's unsolicited takeover offer, saying it substantially undervalued the company. Valeant shares gave back 1.4 percent to C$140.94. (Editing by Nick Zieminski)
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