CANADA STOCKS-TSX up on China data, signs of progress in Ukraine
* TSX up 49.94 points, or 0.32 percent, at 15,669.02 * Index hits another record high on global cues * Nine of the 10 main sectors gain (Adds strategist comment, details, updates prices) By Alastair Sharp TORONTO, Sept 3 (Reuters) - Canada's main stock index rose on Wednesday, boosted by news of a ceasefire agreement between Ukraine and Russia and a rebound in Chinese economic data. The index scaled a fresh record, propelled by gains in banking, industrial and energy stocks as the global outlook brightened. "It's a combination of things; Ukraine/Russia definitely puts a more positive geopolitical environment over Europe, but the other thing is we had some pretty positive data coming out of China overnight," said Philip Petursson, from the portfolio advisory group at Manulife Asset Management. Despite some confusion, statements from Kiev and Moscow appeared to indicate progress towards resolution of a festering conflict that has put Europe on edge. In China, two surveys showed the services sector rebounded in August, offsetting manufacturing weakness. Canada's resource-heavy index is sensitive to positive signs out of China. The Toronto Stock Exchange's S&P/TSX composite index was up 49.94 points, or 0.32 percent, at 15,669.02 by late morning. It hit 15,685.13 at one point, the latest in a string of record highs this year as resource stocks bounce. Nine of the 10 main sectors moved higher. The energy sector has gained roughly 17 percent so far this year as investors bought into undervalued stocks. "For this rally on the cyclical side to continue we need global growth to kick in," Petursson said. He said valuations were still on the low end of fair value for many oil and gas names, including Suncor Energy Inc, which was up 0.6 percent at C$43.91. Elsewhere, Alimentation Couche-Tard Inc jumped 4.1 percent to C$34.60 after the convenience store and gas station operator posted solid results and said it had agreed to sell its aviation fuel business. At the other end of the spectrum, Canexus Corp shares fell 9.9 percent to C$4.82 after the chemical company said it was suing MEG Energy Corp for refusing it access to a pipeline. Analysts at CIBC called the development a "nightmare" in a note to clients. MEG was up 0.7 percent at C$38.31. (Editing by Bernadette Baum)
© Thomson Reuters 2017 All rights reserved.