CANADA STOCKS-TSX nears 2016 high, banking and consumer shares shine
(Adds strategist comment, update prices to close)
* TSX ends up 102.04 points, or 0.72 percent, at 14,361.88
* Eight of the TSX's 10 main groups rise
By Alastair Sharp
TORONTO, July 11 (Reuters) - Canada's main stock index rose on Monday, led by banking and consumer shares as investors cheered U.S. economic strength, Japan's latest fiscal stimulus, and Britain settling on a new leader following last month's vote to leave the European Union.
The index is less than 90 points shy of the 14,450 level it peaked at in early June, and breaching that would put it at its highest since August last year.
The U.S. S&P 500 index meanwhile closed at a record high, on the back of Friday's blockbuster U.S. jobs data.
But with 31 Canadian stocks touching fresh 52-week highs and earnings and domestic economic growth not keeping up, some investment managers are taking a cautious view.
"We are preaching to our clients that at this point in the cycle, given valuations and earnings growth, that a conservative allocation within fixed income to equity is prudent at this time," said Macan Nia, director for capital markets and strategy at Manulife Investments. Continued...