CANADA STOCKS-TSX hits two-week high on upbeat U.S. data

Tue Aug 19, 2014 10:33am EDT

Related Topics

* TSX up 79.12 points, or 0.52 percent, at 15,417.59
    * All of 10 main index sectors advance
    * Couche-Tard gains on move to buy Sinopec Sales stake

    By John Tilak
    TORONTO, Aug 19 (Reuters) - Canada's main stock index
touched its highest level in more than two weeks on Tuesday as
positive U.S. economic data helped drive advances in every major
sector.
    Data showed a rebound in U.S. housing starts in July, while
a moderate increase in consumer prices suggested the Federal
Reserve has room to keep interest rates low for a while.
 
    Investors also awaited the release of minutes from a recent
Fed policy meeting to look for clues about when the central bank
could raise interest rates.
    The Toronto market was up for a fourth straight session,
taking its gains for the year to more than 13 percent.
    "This is typical. We had a little bit of a selloff, and now
people have jumped back into the market, more empowered," said
David Cockfield, managing director and portfolio manager at
Northland Wealth Management.
    "It's a tug of war between the bulls and the bears," he
added.
    Cockfield expects the TSX to correct itself at some point.
"In the meantime, we're just going to bump along until something
scares the market."
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 79.12 points, or 0.52 percent, at 15,417.59.
All of the 10 main sectors on the index were higher.
    Financials, the index's most-heavily weighted sector,
climbed 0.4 percent, with Royal Bank of Canada rising
0.4 percent to C$80.76 and Bank of Montreal gaining 0.9
percent to C$81.06. 
    Shares of energy producers jumped 1.2 percent. Suncor Energy
Inc added 1.2 percent to C$43.19, and Canadian Natural
Resources Ltd advanced 1.3 percent to C$45.55. 
    Alimentation Couche-Tard Inc climbed 3.4 percent,
to C$31.93, after sources told Reuters that the retailer was
among suitors short-listed to buy a $16 billion minority stake
in China's Sinopec Sales, the world's largest fuel retail
network. 

 (Editing by Dan Grebler)
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