CANADA STOCKS-TSX tests six-year high as energy, banks gain

Mon Jun 9, 2014 4:45pm EDT

* TSX rises 32.31 points, or 0.22 percent, to 14,871.21
    * Eight of 10 main index sectors advance
    * Ritchie Bros jumps after analyst upgrade

    By John Tilak
    TORONTO, June 9 (Reuters) - Canada's main stock index
climbed on Monday to its highest in almost six years, driven by
gains in financial shares and in the energy sector after oil
prices rose.
    Investors also benefited from a spilling over of positive
sentiment from the previous week, when the TSX's 1.6 percent
gain was fueled by an upbeat U.S. jobs report and a move by the
European Central Bank to cut rates to record lows.
    The Toronto market ended a seventh straight session higher
and has advanced more than 9 percent this year.
    "Optimism from last week has continued into this week," said
Youssef Zohny, portfolio manager at Stenner Investment Partners,
a subsidiary of Richardson GMP.
    While financial and energy shares have been driving the
gains this year, it would be interesting to see if those groups
can keep up the momentum as volatility increases in the summer
months, he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 32.31 points, or 0.22 percent, at 14,871.21.
Eight of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector, added
0.3 percent. Royal Bank of Canada gained 0.7 percent to
C$75.24, and Toronto Dominion Bank rose 0.7 percent to
C$55.24.
    With oil prices jumping more than 1 percent, shares of
energy producers climbed 0.7 percent. Suncor Energy Inc 
was up 1.3 percent at C$43.39, and Canadian Natural Resources
Ltd advanced 0.7 percent to C$46.31. 
    In corporate news, Ritchie Bros Auctioneers Inc 
jumped 4 percent, to C$26.26, after Cantor Fitzgerald raised its
rating on the stock. 

 (Editing by James Dalgleish)
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