CANADA STOCKS-TSX flat as positive U.S. data offsets Iraq fears

Tue Jun 24, 2014 11:06am EDT

* TSX up 10.12 points, or 0.07 percent, at 15,115.75
    * Six of the 10 main index sectors advance
    * TD, Scotiabank lead gains

    By John Tilak
    TORONTO, June 24 (Reuters) - Canada's main stock index was
little changed on Tuesday as positive U.S. economic data was
balanced by worries over the crisis in Iraq.
    U.S. consumer confidence climbed in June, and sales of new
U.S. single-family homes jumped in May, figures showed. Both
were at their strongest levels in six years. 
 
    In Iraq, U.S. Secretary of State John Kerry held talks with
leaders of the Middle East country's autonomous Kurdish region.
 
    The Toronto market, which reached an record closing high
last week, is up about 11 percent this year.
    Fund managers are seeing "renewed optimism," said John
Stephenson, president of Stephenson & Company Capital
Management. "Overall it's looking like a recovery is occurring,
and the data reflects it." 
    "If you're looking at Canada, the story has been one of oil
prices rising," he added. "Most of the gains have come from the
energy sector, and I see that continuing for a while."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 10.12 points, or 0.07 percent, at 15,115.75.
Six of the 10 main sectors on the index were higher.
    Shares of energy producers slipped slightly. Suncor Energy
Inc gave back 0.7 percent to C$45.95, and Talisman
Energy Inc fell 0.6 percent to C$11.50.
    Financials, the index's most heavily weighted sector,
climbed 0.2 percent, with Bank of Nova Scotia adding
0.3 percent to C$71.43 and Toronto-Dominion Bank rising
0.2 percent to C$54.74.
    The materials sector, which includes mining stocks, added
0.2 percent, benefiting from higher gold, silver and copper
prices. First Quantum Minerals Ltd jumped 1.3 percent to
C$22.71.
    A director at First Quantum said the company has delayed
investment projects worth more than $1 billion in Zambia due to
uncertainty over the fiscal regime in Africa's second biggest
copper producer. 
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway)
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