CANADA STOCKS-TSX touches record high after upbeat U.S. data

Wed Jul 2, 2014 10:56am EDT

* TSX up 22.11 points, or 0.17 percent, at 15,171.89
    * Index tops record hit in June 2008
    * Six of 10 main index sectors advance
    * Timmins shares slip after settlement with shareholder

    By John Tilak
    TORONTO, July 2 (Reuters) - Canada's main stock index
reached its highest-ever level on Wednesday as strong U.S. jobs
data helped fuel a rise in most major sectors and buoy investor
sentiment for equities.
    A report from payrolls processor ADP showed U.S. companies
hired more workers in June than they did in any month since
November 2012. The data beat market expectations.
 
    The Toronto market topped the previous record reached in
June 2008. The milestone comes on the heels of the Canadian
benchmark index's gains in 11 of the previous 12 months and an
11.5 percent rise since the start of the year.
    Those advances have also renewed concerns that valuations
might be getting stretched.
    "The market just doesn't want to lie down. It is chugging
ahead and probably moving into overbought territory," said David
Cockfield, managing director and portfolio manager at Northland
Wealth Management.
    "There's a lot of investment money out there," he added.
"The market will continue to drift up until something causes a
shock. It's a bit unnerving that the market hasn't had a
shakeout." 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 22.11 points, or 0.17 percent, at 15,171.89. It
traded as high as 15,197.36 earlier in the session.
    Six of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
climbed 0.5 percent. Toronto Dominion Bank advanced 0.6
percent to C$55.24, and Royal Bank of Canada gained 0.4
percent to C$76.58.
    The industrial group rose 0.5 percent, with Canadian Pacific
Railway Ltd adding 1.2 percent to C$195.56.
    Shares of information technology companies were up 1.7
percent. BlackBerry jumped 4.6 percent to C$11.44.
    In corporate news, Timmins Gold Corp said its slate
of nominees for the board would include Anthony Hawkshaw,
earlier nominated by top shareholder Sentry Investments Inc, in
a settlement that ended a month-long proxy battle. Shares of
Timmins slipped 3.7 percent to C$1.84. 
    

 (Editing by Meredith Mazzilli)
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