CANADA STOCKS-Fed fuels TSX rise to near six-year high

Wed Apr 30, 2014 5:08pm EDT

* TSX rises 68.76 points, or 0.47 percent, to 14,651.87
    * Seven of the 10 main index sectors advance
    * Loblaw, CGI climb after reporting results

    By John Tilak
    TORONTO, April 30 (Reuters) - Canada's main stock index
advanced to its highest level in almost six years on Wednesday
after positive commentary on the U.S. economy by Federal Reserve
Chair Janet Yellen helped reassure investors and drive broad
gains.
    The Toronto stock market's benchmark index climbed for a
10th straight month. It is up about 7.6 percent this year and is
one of the strongest performers among global stock market
indexes so far in 2014.
    Providing further support, shares of grocer Loblaw Cos Ltd
 and IT services provider CGI Group Inc rose
after the companies reported quarterly results.
    Weaker commodity prices and a drop in shares of Barrick Gold
Corp after the miner posted lower first-quarter
earnings failed to derail the upbeat sentiment.
    The Fed looked past disappointing first-quarter U.S.
economic growth and said it would again trim its bond-buying
stimulus, a widely expected move that signaled the central
bank's confidence in the recovery. 
    "The Fed is looking at (first-quarter economic weakness) as
being a cold weather story," said Stephen Wood, chief market
strategist, North America, at Russell Investments.
    "It suggests that the cold weather was such a strong
component of the data being weak that it was not a good
justification to stop the taper." 
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 68.76 points, or 0.47 percent, at 14,651.87.
Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.9 percent. Toronto-Dominion Bank added 1.2
percent to C$52.73, and Bank of Nova Scotia rose 1
percent to C$66.60.
    Gold-mining shares followed the price of bullion lower.
Goldcorp Inc lost 0.5 percent to C$27.07. Barrick fell
1.1 percent to C$19.13, and was one of the most influential
decliners on the index.
    With oil prices dropping, shares of energy companies fell
0.6 percent. Suncor Energy Inc shed 0.8 percent to
C$42.28.
    CGI Group's quarterly profit more than doubled, driven by a
7 percent rise in revenue and strong European bookings. The
stock jumped 3.8 percent to C$39.52. 
    Loblaw advanced 4 percent to C$47.65. 
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)
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