CANADA STOCKS-TSX nears six-year high after U.S. data, BoC rates decision

Wed Jun 4, 2014 4:56pm EDT
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* TSX up 62.10 points, or 0.42 percent, at 14,796.79
    * Eight of 10 main index sectors advance
    * Teck, First Quantum slip with copper price

    By John Tilak
    TORONTO, June 4 (Reuters) - Canada's main stock index rose
to its highest in almost six years on Wednesday, boosted by
positive data on U.S. services sector growth and a decision by
the Bank of Canada to leave interest rates unchanged. 
    Figures from the Institute for Supply Management showed that
its U.S. services sector index rose in May to a nine-month high,
calming concerns about the prospects of the world's biggest
    The Canadian central bank held its main interest rate at 1
percent and said the risks of low inflation loom as large as
ever despite a faster-than-expected rise in prices, remarks that
some economists interpreted as dovish. 
    Copper futures were down 1.2 percent, weighing on shares of
miners such as Teck Resources Ltd and First Quantum
Minerals Ltd.
    The Toronto market has climbed in each of the last four
sessions and is up more than 8 percent so far this year.
    "We're seeing some positive momentum on the TSX," said Elvis
Picardo, strategist and vice president of research at Global
Securities in Vancouver. 
    "The index is being driven by a combination of favorable
fundamentals - policy that is still stimulative, strong earnings
growth and very little risk of inflation," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 62.10 points, or 0.42 percent, at 14,796.79.
Eight of the 10 main sectors making up the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.6 percent. Manulife Financial Corp gained 0.9
percent to C$20.69, and Toronto Dominion Bank was up 0.6
percent, at C$54.70.
    Shares of energy producers rose 0.6 percent despite lower
oil prices. Suncor Energy Inc added 0.8 percent to
C$42.55, and Canadian Natural Resources Ltd advanced
0.8 percent to C$45.51.
    Among mining stocks, First Quantum lost 1.9 percent to
C$22.13 and Teck gave back 1.5 percent to C$23.83.
    In corporate news, shares of Canaccord Genuity 
gained 1.2 percent to C$11.21 after the company reported
quarterly results late on Tuesday. 

 (Editing by Jonathan Oatis and Steve Orlofsky)