CANADA STOCKS-Energy, CP Rail shares push TSX to record high

Fri Jul 18, 2014 4:28pm EDT

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* TSX up 62.09 points, or 0.41 percent, at 15,266.57
    * Nine of 10 main index sectors advance
    * CP Rail extends run after Thursday's earnings report

    By John Tilak
    TORONTO, July 18 (Reuters) - Canada's main stock index
advanced on Friday to its highest ever-level as gains in shares
of energy producers and Canadian Pacific Railway Ltd 
helped the market overcome worries about heightening tensions in
Ukraine.
    World leaders called for an international investigation
after a Malaysian airliner with 298 people on board crashed over
eastern Ukraine. The incident is the latest twist in the
volatile situation in the region. 
    Adding to global geopolitical concerns, Israel intensified
its land offensive in Gaza with artillery, tanks and gunboats,
while it warned of a further expansion of its operation.
 
    The benchmark Toronto stock market index firmed from a drop
in the previous session and is up about 12 percent this year. 
    "It's certainly a rebound from yesterday's decline. The
uptrend is still intact," said Robert McWhirter, president and
portfolio manager at Selective Asset Management.
    "Individual stocks seem to be doing fairly well despite the
overall grinding that we're seeing in the marketplace," he
added.
    He expects shares of banks and natural resource producers to
help push the market higher this year.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 62.09 points, or 0.41 percent, at 15,266.57.
Nine of the 10 main sectors on the index were higher.
    Shares of energy producers climbed 1.1 percent, with Suncor
Energy Inc adding 0.8 percent to C$44.62 and Canadian
Natural Resources Ltd rising 1.8 percent to C$48.32.
    CP Rail jumped for a second straight session after reporting
quarterly results on Thursday. The stock was up 3.3 percent at
C$209.09 and helped fuel a 1.7 percent jump in the industrials
group.
    The gold-mining sector dropped 0.6 percent, weighed down by
a decline in the bullion price. Goldcorp Inc fell 0.9
percent to C$29.99. 
    ($1=$1.07 Canadian)

 (Editing by Peter Galloway and Chris Reese)
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