CANADA STOCKS-TSX steady as energy share gains offset weak U.S. data

Wed Jun 25, 2014 4:39pm EDT

* TSX up 12.28 points, or 0.08 percent, 14,974.65
    * Five of 10 main index sectors advance
    * Valeant jumps after calling for special meeting

    By John Tilak
    TORONTO, June 25 (Reuters) - Canada's main stock index was
little changed on Wednesday as gains in shares of energy
producers and Valeant Pharmaceuticals helped overcome
the impact of data showing a bigger-than-expected drop in U.S.
economic growth in the first quarter. 
    Figures indicated 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 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.
    "The increased geopolitical concerns seem to be helping
commodities this month," said Youssef Zohny, portfolio manager
at Stenner Investment Partners, a subsidiary of Richardson GMP.
    "The TSX has had a very good run this year," he added. "We
expect it to continue to outperform other global markets, but
it's likely vulnerable to some profit-taking in the short term."
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 12.28 points, or 0.08 percent, at 14,974.65.
Five of the 10 main sectors on the index were higher.
    Energy shares climbed 0.2 percent, supported by higher U.S.
crude oil prices. Suncor Energy Inc added 0.3 percent to
C$44.70, and Canadian Natural Resources Ltd rose 0.6
percent to C$48.25.
    The industrial sector advanced 0.3 percent. Canadian
National Railway Co gained 1.1 percent to C$68.04, and
Canadian Pacific Railway Ltd added 0.9 percent to
C$191.58.
    In corporate news, Valeant 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 jumped 4.3 percent to C$134.93.
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway and Meredith Mazzilli)
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