CANADA STOCKS-Encana, other energy shares push TSX higher

Tue May 13, 2014 10:52am EDT

* TSX rises 20.06 points, or 0.14 percent, to 14,675
    * Seven of the 10 main index sectors advance
    * Encana jumps 2.8 percent after reporting results
    * Valeant climbs; says it will "improve" Allergan bid

    By John Tilak
    TORONTO, May 13 (Reuters) - Canada's main stock index rose
on Tuesday as strong quarterly results fueled a jump in shares
of Encana Corp and higher oil prices boosted other
energy producers.
    Encana climbed 2.8 percent after the natural gas producer's
first-quarter operating profit more than doubled, helped by
higher gas prices and liquids production. 
    Feeding into the market mix was economic data from the
world's two biggest economies. U.S. retail sales barely rose in
April and a gauge of consumer spending slipped. 
    In China, figures showed a widespread slowing of economic
activity in April, with data from output to investment and
consumption all missing market expectations, increasing calls
for government policies to support growth. 
    The Toronto stock market's benchmark index was up for a
second straight session, and has gained about 7.7 percent this
year.
    "The market is impervious to all the negativity out there
and continues to move higher," said Irwin Michael, portfolio
manager at ABC Funds.
    "People are unsure where to put the money," he added. "It's
tougher and tougher for stock pickers, the higher the market
goes."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 20.06 points, or 0.14 percent, at 14,675.
    "We believe the TSX will end the year higher than where it
is right now, but it will be exceedingly volatile," Michael
said.
    Seven of the 10 main sectors on the index were up on
Tuesday.
    Shares of energy companies rose 0.3 percent. Suncor Energy
Inc added 0.3 percent to C$42.93, and Talisman Energy
Inc advanced 0.7 percent to C$11.68.
    The materials sector, which includes mining stocks, climbed
0.2 percent, with Agrium Inc rising 1.1 percent to
C$101.81.
    In other corporate news, Valeant Pharmaceuticals
International Inc said it will "improve" its $47
billion takeover offer for drugmaker Allergan Inc.
Valeant shares were up 0.4 percent at C$142.48. 
    ($1=$1.09 Canadian)

 (Editing by Peter Galloway)
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