CANADA STOCKS-Canadian National, energy shares spur TSX to record high

(Adds comment from portfolio manager, details on market
activity, updates prices)
    By Alastair Sharp
    TORONTO, July 22 (Reuters) - Canadian National Railway and
energy shares pushed Canada's main stock index higher on
Tuesday, topping the record high it hit last week, as tensions
eased in Ukraine.
    CN Rail was the index's biggest positive force, up
1.6 percent at C$74.14, after the country's biggest railway
reported record volumes and lifted forecasts after the bell on
    Among other big gainers, Hudbay Minerals was up 4.5
percent at C$11.39 after several analysts upgraded the stock or
raised their share-price targets. Hudbay is close to closing its
acquisition of Augusta Resource Corp, which owns the
promising Rosemont copper project in Arizona.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 45.52 points, or 0.30 percent, at 15,295.51 at
midmorning. It rose as high as 15,302.23, the latest in a recent
string of record highs. 
    John Ing, president of Maison Placements Canada, credited
the continuation of the U.S. Federal Reserve's stimulative
quantitative easing (QE) program for the strength of global
financial markets. 
    "Markets are trading on the upper end of their valuations.
And that's a reflection of optimism about the continuation of
QE," he said. "Some of the oils are among the big traders,
they're looking a little bit better. The oil price is
    Suncor Energy Inc gained 0.8 percent to C$44.96, and
Canadian Natural Resources was up 1.1 percent at C$49. 
    With trading volumes light, Ing said the market's moves
shouldn't be studied too closely. "It's a very listless week;
that's what it's turning out to be." 
    Major gold miners were among the heaviest weights on the
index, with Goldcorp Inc off 1.4 percent at C$29.40, and
Barrick Gold Corp also down 1.4 percent at C$20.23 as
the spot price of bullion slipped. 
    ($1=$1.07 Canadian)

 (Editing by Chizu Nomiyama; and Peter Galloway)