CANADA STOCKS-CP Rail and energy shares drive TSX higher

Fri Jul 18, 2014 11:12am EDT
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* TSX up 42.21 points, 0.28 percent, at 15,246.69
    * Eight of the 10 main index sectors advance
    * CP Rail extends run after Thursday's earnings report

    By John Tilak
    TORONTO, July 18 (Reuters) - Canada's main stock index
climbed on Friday, supported by gains in shares of energy
producers and Canadian Pacific Railway Ltd, as investors
shrugged off worries about heightening tensions in Ukraine.
    World leaders called for an international investigation
after a Malaysian airliner with 298 people on board crashed over
eastern Ukraine. The incident is the latest twist in the
volatile situation in the region. 
    Adding to global geopolitical concerns, Israel intensified
its land offensive in Gaza with artillery, tanks and gunboats,
while it warned of a further expansion of its operation.
    The benchmark Toronto stock market index, which hit a record
high in the previous session, is up nearly 12 percent this year.
Investors are concerned that further gains could be tough to
    "I expect the market to keep bumping along here for a
while," said David Cockfield, managing director and portfolio
manager at Northland Wealth Management. "What's going on in
Israel and Ukraine makes people a little less aggressive."
    "If we have some really good second-quarter earnings
reports, that might light a fire," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 42.21 points, 0.28 percent, at 15,246.69. Eight
of the 10 main sectors on the index were higher.
    Shares of energy producers climbed 0.8 percent, with Suncor
Energy Inc adding 0.9 percent to C$44.69 and Canadian
Natural Resources Ltd rising 0.9 percent to C$47.86.
    CP Rail jumped for a second straight session after reporting
quarterly results on Thursday. The stock was up 2.5 percent at
    The gold-mining sector dropped 1.7 percent, weighed down by
a decline in the bullion price. Goldcorp Inc fell 1.9
percent to C$29.70, and Barrick Gold Corp gave back 1.2
percent to C$20.38. 
    ($1=$1.07 Canadian)

 (Reporting by John Tilak; Editing by Peter Galloway)