CANADA STOCKS-Resources lift TSX to near six-year high

Fri May 2, 2014 4:41pm EDT

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* TSX rises 101.08 points, or 0.69 percent, to 14,765.15
    * Nine of the 10 main index sectors advance
    * Index up 1.6 percent this week
    * SNC-Lavalin jumps after deal to sell AltaLink

    By John Tilak
    TORONTO, May 2 (Reuters) - Canada's main stock index climbed
to its highest in almost six years on Friday after higher
commodity prices drove strong advances in natural resource
shares, offsetting mixed U.S. jobs data.
    A flurry of acquisition deals and earnings reports also
provided support. Shares of engineering and construction company
 SNC-Lavalin Group Inc jumped 5.1 percent to C$52.14 
after SNC said it will sell its AltaLink transmission system to
Berkshire Hathaway Inc's energy unit for about $2.9
billion. 
    While figures on Friday showed U.S. job growth increased at
its fastest rate in more than two years in April, a sharp
increase in the number of people dropping out of the labor force
raised some concerns with investors. 
    On the Canadian benchmark index, gold-mining shares jumped
2.3 percent and the energy sector added nearly 1 percent, buoyed
by gains in bullion and oil prices.
    "Overall the commodity complex seems to be providing a nice
lift for the Canadian market," said Youssef Zohny, portfolio
manager at Stenner Investment Partners, a subsidiary of
Richardson GMP.
    "Commodities seem to be gathering some momentum," he said,
adding that other sectors of the benchmark index such as
financials and technology could also drive short-term returns.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 101.08 points, or 0.69 percent, at
14,765.15. It recorded its third straight weekly gain, climbing
1.6 percent. It is up about 8.4 percent this year.
    Nine of the 10 main sectors on the index were higher.
    Among energy stocks, Canadian Natural Resources Ltd 
added 0.5 percent to C$44.98, and Suncor Energy Inc 
advanced 1.6 percent to C$43.22. 
    A 2.4 percent jump in shares of Goldcorp Inc helped
support the gold-mining sector.
    TransCanada Corp reported a 14 percent rise in
adjusted quarterly profit as a severe winter boosted demand on
its pipelines. The stock was little changed. 
    Westport Innovations Inc shot up 24.3 percent to
C$17.64 after the company reported quarterly results. The stock
was the biggest percentage gainer on the index. 
    News Corp said it would buy romance novel publisher
Harlequin Enterprises Ltd from newspaper publisher Torstar Corp
 to boost its nonEnglish book publishing. Torstar's
shares jumped 22 percent to C$8.15. 
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)
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