CANADA STOCKS-TSX edges up as energy shares climb
* TSX up 17.22 points, or 0.12 percent, at 14,979.59 * Five of the 10 main index sectors advance * Valeant dips after calling special meeting By John Tilak TORONTO, June 25 (Reuters) - Canada's main stock index rose slightly on Wednesday as gains in oil and gas shares helped offset the impact of data that showed a bigger than expected drop in U.S. economic growth in the first quarter. As well as shrugging off the U.S. figures, which showed the U.S. economy recorded its worst performance in five years in the quarter, the market also set aside worries about the situation in Iraq. Militants attacked one of Iraq's largest air bases on Wednesday and seized control of several small oilfields. The Toronto market, which hit a record closing high last week, is up about 10 percent so far in 2014. Most of the gains have come from the energy sector, which is up about 21 percent since the start of the year. "There's no reason to panic yet," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "(Iraq) is a black cloud on the horizon, but I'm not hitting the sell button yet." "I'm still bullish on energy shares," he added. "I see very good earnings this quarter, so the multiples are not out of line." The Toronto Stock Exchange's S&P/TSX composite index was up 17.22 points, or 0.12 percent, at 14,979.59. Five of the 10 main sectors on the index were higher. Shares of energy producers climbed 0.4 percent, with Suncor Energy Inc adding 0.7 percent to C$44.86 and Canadian Natural Resources Ltd rising 0.5 percent to C$48.19. The materials sector, which includes mining stocks, advanced 0.3 percent. Goldcorp Inc gained 0.6 percent to C$29.40, and First Quantum Minerals Ltd added 0.8 percent to C$22.30. In corporate news, Valeant Pharmaceuticals International Inc said it had called a special meeting for its shareholders to approve the issue of new shares, another step in its pursuit of Botox maker Allergan Inc. Valeant shares were down slightly at C$129.33. ($1=$1.07 Canadian) (Editing by Peter Galloway)
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