CANADA STOCKS-TSX gains as bank, energy shares, Bombardier strengthen

Mon Jul 14, 2014 4:46pm EDT

* TSX up 45.73 points, or 0.30 percent, at 15,171.23
    * Seven of 10 main index sectors advance
    * Bombardier jumps after winning tentative orders

    By John Tilak
    TORONTO, July 14 (Reuters) - Canada's main stock index
advanced on Monday as a jump in the energy and financial sectors
helped offset a sharp drop in shares of gold miners after the
price of bullion tumbled.
    The Toronto market's rebound followed a decline in the
previous week over concerns about the prospects of corporate
earnings. It is now up about 11 percent this year.
    The strength in equity markets and a burst of profit-taking
fueled a 2.2 percent drop in gold prices, which have been
rallying in recent weeks. Shares of gold producers gave back 2.6
percent. 
    Investors also prepared to scan testimony from Federal
Reserve Chair Janet Yellen, due this week, for clues about the
U.S. central bank's monetary policy direction.
    "They might just come out and tell us that they're staying
the course, which wouldn't surprise me," said Adrian Mastracci,
portfolio manager at KCM Wealth Management.
    "Volatility will be part of every investor's experience from
here on in. It's part of the cycle and risk management is job
No. 1," he added. 
    Mastracci expects "earnings to drive the bus" for Canadian
equities but said volumes will remain low throughout the summer.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 45.73 points, or 0.30 percent, at 15,171.23.
Seven of the 10 main sectors on the index were higher.
    Financials, the index's most heavily weighted sector,
advanced 0.6 percent. Bank of Montreal added 0.4
percent to C$80.09, and Royal Bank of Canada climbed 0.5
percent to C$78.76.
    Shares of energy producers gained 1 percent, with the price
of oil rising. Suncor Energy Inc jumped 1.7 percent to
C$44.99, and Canadian Natural Resources Ltd rose 2
percent to C$48.53. 
    Among gold-mining stocks, Goldcorp Inc shed 2.3
percent to C$29.81, and Barrick Gold Corp slipped 2.3
percent to C$20.24.
    In corporate news, Bombardier Inc's CSeries
aircraft program received a boost as the company announced two
tentative orders for a total of up to 24 jets worth nearly $1.6
billion. The stock was up 1.6 percent at C$3.83. 

 (Editing by James Dalgleish)
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