Wed Jun 25, 2014 10:44am EDT
<span id="articleText"/>* TSX up 17.22 points, or 0.12 percent, at 14,979.59 * Five of the 10 main index sectors advance * Valeant dips after calling special meeting By John Tilak TORONTO, June 25 (Reuters) - Canada's main stock index roseslightly on Wednesday as gains in oil and gas shares helpedoffset the impact of data that showed a bigger than expecteddrop in U.S. economic growth in the first quarter. As well as shrugging off the U.S. figures, which showed theU.S. economy recorded its worst performance in five years in thequarter, the market also set aside worries about the situationin Iraq. Militants attacked one of Iraq's largest air bases onWednesday and seized control of several small oilfields. The Toronto market, which hit a record closing high lastweek, is up about 10 percent so far in 2014. Most of the gainshave come from the energy sector, which is up about 21 percentsince the start of the year. "There's no reason to panic yet," said David Cockfield,managing director and portfolio manager at Northland WealthManagement. "(Iraq) is a black cloud on the horizon, but I'm nothitting the sell button yet." "I'm still bullish on energy shares," he added. "I see verygood earnings this quarter, so the multiples are not out ofline." The Toronto Stock Exchange's S&P/TSX composite index was up 17.22 points, or 0.12 percent, at 14,979.59.Five of the 10 main sectors on the index were higher. Shares of energy producers climbed 0.4 percent, with SuncorEnergy Inc adding 0.7 percent to C$44.86 and CanadianNatural Resources Ltd rising 0.5 percent to C$48.19. The materials sector, which includes mining stocks, advanced0.3 percent. Goldcorp Inc gained 0.6 percent to C$29.40,and First Quantum Minerals Ltd added 0.8 percent toC$22.30. In corporate news, Valeant Pharmaceuticals International Inc said it had called a special meeting for itsshareholders to approve the issue of new shares, another step inits pursuit of Botox maker Allergan Inc. Valeant shareswere down slightly at C$129.33. ($1=$1.07 Canadian) (Editing by Peter Galloway)<span id="midArticle_0"/>
<span id="articleText"/>* TSX up 17.22 points, or 0.12 percent, at 14,979.59 * Five of the 10 main index sectors advance * Valeant dips after calling special meeting By John Tilak TORONTO, June 25 (Reuters) - Canada's main stock index roseslightly on Wednesday as gains in oil and gas shares helpedoffset the impact of data that showed a bigger than expecteddrop in U.S. economic growth in the first quarter. As well as shrugging off the U.S. figures, which showed theU.S. economy recorded its worst performance in five years in thequarter, the market also set aside worries about the situationin Iraq. Militants attacked one of Iraq's largest air bases onWednesday and seized control of several small oilfields. The Toronto market, which hit a record closing high lastweek, is up about 10 percent so far in 2014. Most of the gainshave come from the energy sector, which is up about 21 percentsince the start of the year. "There's no reason to panic yet," said David Cockfield,managing director and portfolio manager at Northland WealthManagement. "(Iraq) is a black cloud on the horizon, but I'm nothitting the sell button yet." "I'm still bullish on energy shares," he added. "I see verygood earnings this quarter, so the multiples are not out ofline." The Toronto Stock Exchange's S&P/TSX composite index was up 17.22 points, or 0.12 percent, at 14,979.59.Five of the 10 main sectors on the index were higher. Shares of energy producers climbed 0.4 percent, with SuncorEnergy Inc adding 0.7 percent to C$44.86 and CanadianNatural Resources Ltd rising 0.5 percent to C$48.19. The materials sector, which includes mining stocks, advanced0.3 percent. Goldcorp Inc gained 0.6 percent to C$29.40,and First Quantum Minerals Ltd added 0.8 percent toC$22.30. In corporate news, Valeant Pharmaceuticals International Inc said it had called a special meeting for itsshareholders to approve the issue of new shares, another step inits pursuit of Botox maker Allergan Inc. Valeant shareswere down slightly at C$129.33. ($1=$1.07 Canadian) (Editing by Peter Galloway)<span id="midArticle_0"/>
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