CANADA STOCKS-TSX advances as natural resource shares rise

Tue Oct 21, 2014 10:28am EDT
 
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* TSX up 101.79 points, or 0.71 percent, at 14,439.56
    * Nine of 10 main index sectors advance
    * CP Rail jumps after reporting quarterly results

    By John Tilak
    TORONTO, Oct 21 (Reuters) - Canada's main stock index
climbed for a fourth straight session on Tuesday as natural
resource shares rose on the back of higher commodity prices and
investors digested data showing slower yet better-than-expected
economic growth in China.
    China's economy expanded in the September quarter at its
slowest pace since the global financial crisis and faces the
risk of missing its official target for the first time in 15
years. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 101.79 points, or 0.71 percent, at 14,439.56.
Nine of the 10 main sectors on the index were higher.
    The benchmark TSX has rebounded nearly 6 percent since
hitting an eight-month low last week. It hit a one-week high on
Tuesday.
    "The magnitude of the correction was overblown. The market
has reached a level where there's a lot of value with some of
the stocks," said Rick Hutcheon, president and chief operating
officer at RKH Investments.
    He sees buying opportunities in the energy group. "The
energy sector was ridiculously oversold. The demand for energy
is not going away anytime soon."
    Shares of energy producers jumped 1.6 percent. Canadian
Natural Resources Ltd added 2.4 percent to C$39.16, and
Suncor Energy Inc climbed 1.7 percent to C$38.75.
    The materials sector, which includes mining stocks, advanced
0.6 percent. Teck Resources Ltd rose 0.9 percent to
C$17.68, and Potash Corp was up 1.4 percent at C$37.17.
    Canadian Pacific Railway Ltd gained 3.3 percent to
C$229. It reported higher third-quarter earnings and revenue but
the results fell short of analysts' expectations. 
 

 (Editing by Jeffrey Benkoe)