CANADA STOCKS-TSX gains for 10th day, hits near three-year high

Tue Feb 18, 2014 11:14am EST
 
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* TSX rises 33.88 points, or 0.24 percent, to 14,088.64
    * Six of 10 main index sectors advance
    * Index up 3.4 percent this year

    By John Tilak
    TORONTO, Feb 18 (Reuters) - Canada's main stock index hit
its highest in nearly 3 years on Tuesday, extending gains to a
tenth straight session, as global equity markets responded
positively after the Bank of Japan stuck to its stimulative
measures to boost the economy.
    The Japanese central bank kept in place its easy monetary
policy and extended special loan programs to support economic
growth. 
    Offsetting the positive sentiment was data showing a
slowdown in New York manufacturing in February after it hit a
20-month high in January. 
    The benchmark Canadian index has been driven this year
largely by recent gains in shares of gold producers. The TSX is
up 3.4 percent so far in 2014, compared with a decline in the
S&P 500.
    "We've had a pretty good run here. I don't see anything
negative on the horizon," said David Cockfield, managing
director and portfolio manager at Northland Wealth Management.
    "Our market doesn't look overpriced. We should continue to
outperform U.S. (stocks) just on an earnings multiple basis," he
added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 33.88 points, or 0.24 percent, at 14,088.64.
    Six of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.2 percent. Toronto Dominion Bank gained 0.4 percent to
C$49.49, and Bank of Montreal rose 0.4 percent to
C$71.65.
    Shares of energy producers were up 0.2 percent, with
Canadian Natural Resources Ltd advancing 0.9 percent to
C$38.84.
    Gold-mining shares were volatile, with the group paring its
early losses to trade higher. Goldcorp Inc gained 0.4
percent to C$30.44.