CANADA STOCKS-TSX rises as energy, materials shares show strength

Thu Jun 26, 2014 5:33pm EDT
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* TSX index rises 56.09 points, or 0.37 pct, to 15,030.74
    * Eight of the 10 subgroups rise

 (Adds quotes, details)
    TORONTO, June 26 (Reuters) - Canada's main stock index
closed modestly higher on Thursday, reversing earlier weakness
on the back of higher energy and financial shares and a
turnaround in mining stocks.
    The index's heavily weighted energy sector rose 0.73 percent
despite crude oil prices that declined as fears eased that
fighting in Iraq would spur export disruptions. Analysts have
said a relaxation of tension in Iraq can be good for oil and gas
shares as it reduces concern about a related slowdown in
economic growth.
    Penn West Petroleum rose 2.0 percent to C$10.44,
while Suncor Energy climbed 1.5 percent to C$45.38.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended the session up 56.09 points, or 0.37 percent, at
15,030.74. Eight of the 10 TSX subgroups ended the session
    It was the second straight day of gains for the index, and
followed Tuesday's sharp drop from near record-high levels.
    Rick Hutcheon, president of RKH Investments, said he
expected the index to regain the lost ground.
    "I think ultimately it will (hit a new high). But I think
we're not going to bolt through it, we're going to wander
through it," he said.
    "I think we're rangebound until something kicks us out of
it, but the general trend is higher."
    Financials rose 0.43 percent, led by Bank of Nova Scotia
, which rose 0.7 percent to C$71.43.
    The mining-heavy materials sector rebounded from early
weakness to end the session up 0.23 percent, led by First
Quantum Minerals, up 1.89 percent at C$22.51.
    ($1=$1.07 Canadian)

 (Reporting by Cameron French and Leah Schnurr; Editing by Peter