CANADA STOCKS-TSX edges up as energy shares climb

Wed Jun 25, 2014 10:44am EDT

* TSX up 17.22 points, or 0.12 percent, at 14,979.59
    * Five of the 10 main index sectors advance
    * Valeant dips after calling special meeting

    By John Tilak
    TORONTO, June 25 (Reuters) - Canada's main stock index rose
slightly on Wednesday as gains in oil and gas shares helped
offset the impact of data that showed a bigger than expected
drop in U.S. economic growth in the first quarter. 
    As well as shrugging off the U.S. figures, which showed the
U.S. economy recorded its worst performance in five years in the
quarter, the market also set aside worries about the situation
in Iraq. Militants attacked one of Iraq's largest air bases on
Wednesday and seized control of several small oilfields.
  
    The Toronto market, which hit a record closing high last
week, is up about 10 percent so far in 2014. Most of the gains
have come from the energy sector, which is up about 21 percent
since the start of the year.
    "There's no reason to panic yet," said David Cockfield,
managing director and portfolio manager at Northland Wealth
Management. "(Iraq) is a black cloud on the horizon, but I'm not
hitting the sell button yet."
    "I'm still bullish on energy shares," he added. "I see very
good earnings this quarter, so the multiples are not out of
line."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 17.22 points, or 0.12 percent, at 14,979.59.
Five of the 10 main sectors on the index were higher.
    Shares of energy producers climbed 0.4 percent, with Suncor
Energy Inc adding 0.7 percent to C$44.86 and Canadian
Natural Resources Ltd rising 0.5 percent to C$48.19.
    The materials sector, which includes mining stocks, advanced
0.3 percent. Goldcorp Inc gained 0.6 percent to C$29.40,
and First Quantum Minerals Ltd added 0.8 percent to
C$22.30.
    In corporate news, Valeant Pharmaceuticals International Inc
 said it had called a special meeting for its
shareholders to approve the issue of new shares, another step in
its pursuit of Botox maker Allergan Inc. Valeant shares
were down slightly at C$129.33.
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway)
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