CANADA STOCKS-Fed fuels TSX rise to near six-year high
* TSX rises 68.76 points, or 0.47 percent, to 14,651.87 * Seven of the 10 main index sectors advance * Loblaw, CGI climb after reporting results By John Tilak TORONTO, April 30 (Reuters) - Canada's main stock index advanced to its highest level in almost six years on Wednesday after positive commentary on the U.S. economy by Federal Reserve Chair Janet Yellen helped reassure investors and drive broad gains. The Toronto stock market's benchmark index climbed for a 10th straight month. It is up about 7.6 percent this year and is one of the strongest performers among global stock market indexes so far in 2014. Providing further support, shares of grocer Loblaw Cos Ltd and IT services provider CGI Group Inc rose after the companies reported quarterly results. Weaker commodity prices and a drop in shares of Barrick Gold Corp after the miner posted lower first-quarter earnings failed to derail the upbeat sentiment. The Fed looked past disappointing first-quarter U.S. economic growth and said it would again trim its bond-buying stimulus, a widely expected move that signaled the central bank's confidence in the recovery. "The Fed is looking at (first-quarter economic weakness) as being a cold weather story," said Stephen Wood, chief market strategist, North America, at Russell Investments. "It suggests that the cold weather was such a strong component of the data being weak that it was not a good justification to stop the taper." The Toronto Stock Exchange's S&P/TSX composite index closed up 68.76 points, or 0.47 percent, at 14,651.87. Seven of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, climbed 0.9 percent. Toronto-Dominion Bank added 1.2 percent to C$52.73, and Bank of Nova Scotia rose 1 percent to C$66.60. Gold-mining shares followed the price of bullion lower. Goldcorp Inc lost 0.5 percent to C$27.07. Barrick fell 1.1 percent to C$19.13, and was one of the most influential decliners on the index. With oil prices dropping, shares of energy companies fell 0.6 percent. Suncor Energy Inc shed 0.8 percent to C$42.28. CGI Group's quarterly profit more than doubled, driven by a 7 percent rise in revenue and strong European bookings. The stock jumped 3.8 percent to C$39.52. Loblaw advanced 4 percent to C$47.65. ($1=$1.10 Canadian) (Editing by Peter Galloway)
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