CANADA STOCKS-Energy shares lift TSX after upbeat U.S. data

Tue Apr 15, 2014 10:59am EDT

* TSX rises 39.44 points, or 0.28 percent, to 14,323.87
    * Nine of the 10 main index sectors advance
    * Energy shares have biggest positive influence on market

    By John Tilak
    TORONTO, April 15 (Reuters) - Gains in the energy sector
pushed Canada's main stock index higher on Tuesday with concerns
about the crisis in Ukraine offset by positive U.S. economic
data. 
    Data showed a slightly greater-than-expected gain in U.S.
consumer prices in March, driven by higher food and rental
housing costs. 
    The market brushed aside news that Russia had declared
Ukraine on the brink of civil war as Kiev said an
"anti-terrorist operation" against pro-Moscow separatists was
under way, with troops and armored personnel carriers seen near
a flashpoint eastern town. 
    Investor sentiment appeared to be turning positive after
global stock markets fell last week on concerns about
overextended valuations and worries about the U.S. Federal
Reserve's monetary policy. 
    The Toronto stock market's benchmark index advanced for a
second straight session following its 1 percent decline last
week. It is up more than 5.2 percent this year.
    "Things still seem to be hot in Ukraine, but I'm amazed that
the market seems to be ignoring it," said David Cockfield,
managing director and portfolio manager at Northland Wealth
Management.
    "The mood is pretty buoyant," he added. "Some of the money
on the sidelines is beginning to drift into the market."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 39.44 points, or 0.28 percent, at 14,323.87.
    "The market is still reasonably priced," Cockfield said. "I
do think that the TSX is probably going to move on to new highs.
The energy sector is really gathering momentum, and that could
well drive the market."
    Nine of the 10 main sectors on the index were higher on
Tuesday.
    Energy shares added 0.8 percent and had the biggest positive
influence on the index. Suncor Energy Inc rose 0.6
percent to C$39.75, and Canadian Natural Resources Ltd 
added 1 percent to C$43.75.
    The financial sector, the index's most heavily weighted
group, was up 0.3 percent. Bank of Nova Scotia climbed
0.5 percent to $64.67.
    Gold-mining shares reflected a selloff in the price of
bullion. The sector was down 2.3 percent, with Barrick Gold Corp
 losing 1.7 percent to C$20.29 and Goldcorp Inc 
declining 2.2 percent to C$25.95.
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)
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