CANADA STOCKS-TSX at record high after U.S. jobs data

Thu Jul 3, 2014 10:56am EDT

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* TSX up 28.73 points, or 0.19 percent, at 15,238.52
    * Seven of 10 main index sectors advance
    * Gold miners slip with the price of bullion

    By John Tilak
    TORONTO, July 3 (Reuters) - Canada's main stock index hit an
all-time high after a report indicating momentum in the U.S. job
market boosted appetite for equities and drove gains in most
major sectors. 
    However, the strength in stock markets and a rise in the
U.S. dollar fueled a decline in the price of bullion and weighed
on gold-mining shares, limiting the broader market's gains.
    Government figures showed a jump in U.S. employment growth
and a drop in the unemployment rate, suggesting the world's
biggest economy was on its way to overcoming a winter slowdown.
 
    "The steadying, grinding, yet measurably positive recovery
in the United States continues," said Stephen Wood, chief market
strategist, North America, at Russell Investments. "It appears
that the slow economic recovery has gotten traction in the labor
markets.
    "I'm not convinced that the data so far is going to knock
the (Federal Reserve) off its policy path," he added. "The taper
will continue, and quantitative easing will be sewn up and put
to bed by the end of the year."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 28.73 points, or 0.19 percent, at 15,238.52,
after reaching as high as 15,244.12 earlier in the session. The
Canadian benchmark index is now up about 12 percent this year.
    Seven of the 10 main sectors on the index were higher on
Thursday.
    Financials, the index's most heavily weighted sector,
climbed 0.7 percent. Royal Bank of Canada added 0.7
percent to C$77.53, and Bank of Nova Scotia gained 0.8
percent to C$71.89.
    The telecoms sector was up 0.5 percent, with BCE Inc
 rising 0.8 percent to C$48.57 and Telus Corp 
advancing 0.6 percent to C$39.73.
    But gold-mining shares gave back 1.4 percent. Goldcorp Inc
 slipped 1.7 percent to C$29.25, and Barrick Gold Corp
 lost 0.9 percent to C$19.40.

 (Editing by Dan Grebler)
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