CANADA STOCKS-TSX nears six-year high on stronger energy shares

Mon Jun 16, 2014 11:03am EDT
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* TSX up 50.42 points, or 0.34 percent, at 15,052.45
    * All of 10 main index sectors advance
    * Energy shares follow oil prices higher

    By John Tilak
    TORONTO, June 16 (Reuters) - Canada's main stock index
advanced to its highest in almost six years on Monday after
violence in Iraq pushed up the price of oil, driving gains in
the heavyweight energy sector.
    Investors followed news of Sunni insurgents seizing a mainly
ethnic Turkmen city in northwestern Iraq on Sunday after heavy
    The benchmark index, which has climbed in 11 of the last 12
sessions, is up more than 10 percent this year.
    "There's still plenty of room for the Canadian market to
keep running," said Gavin Graham, chief strategy officer at
Integris Pension Management Corp.
    He expects strength in the financial and energy sectors to
boost the index.
    The market also awaited U.S. Federal Reserve's commentary
from a policy meeting on Wednesday about the direction of its
bond buying program and the prospect of rising interest rates.
    The central bank will continue to monitor the market
carefully and stay the course with its current plan of winding
down its monetary stimulus program, Graham said. "You're going
to see the Fed saying that they're going to stick to what
they're doing." 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 50.42 points, or 0.34 percent, at 15,052.45. It
earlier hit 15,063.04, its highest level since June 19, 2008.
All of the 10 main sectors on the index were higher.
    With the price of U.S. crude oil hovering above $107, shares
of energy producers climbed 0.4 percent. Suncor Energy Inc
 gained 0.9 percent to C$46.77, and Enbridge Inc 
rose 0.7 percent to C$51.41.
    Financials, the index's most heavily weighted sector, added
0.4 percent, with Royal Bank of Canada advancing 0.4
percent to C$75.52 and Toronto Dominion Bank gaining 0.4
percent to C$54.38.

 (Editing by W Simon)