(Adds portfolio manager comment, updates prices to close)
* TSX ends up 11.94 points, or 0.08 percent, at 14,502.99
* Six of 10 main groups rise; index up for 6th day
By Alastair Sharp
TORONTO, Aug 5 (Reuters) - Canada's main stock index eked
out a slight gain on Wednesday, as investors bought up bank and
consumer stocks, while a slip in prices for oil and other
commodities hurt energy companies and miners.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE recorded its sixth straight rise, ending up 11.94
points, or 0.08 percent, at 14,502.99.
"There still seems to be that trend by a number of investors
to purchase non-resource common stocks, such as consumer
stocks," said Irwin Michael, a portfolio manager at ABC Funds.
Valeant Pharmaceuticals (NYSE:VRX) International VRX.TO , an
acquisitive drugmaker that has risen quickly to become a major
force on the index, rose 1.1 percent to C$346.32.
The most influential movers on the index also included Royal
Bank of Canada RY.TO , which rose 0.9 percent to C$77.20, and
Toronto-Dominion Bank TD.TO , which advanced 0.8 percent to
C$53.25. The overall financials group climbed 0.5 percent.
Auto parts maker Magna International Inc MG.TO gained 2
percent to C$73.73.
Canada's export sector snapped a five-month losing streak in
June, cutting the trade deficit significantly and contributing
to a more buoyant tone in the equity market. ID:nL1N10F2DI
"A positive export number means potentially positive GDP
data, so that means that maybe the consumer is a little bit
better off," said Bryden Teich, associate portfolio manager at
Avenue Investment Management.
But the bonhomie was broken by retreats in the price of oil,
gold, aluminum and copper that weighed on the index's large
energy and material sectors. O/R GOL/ MET/L
Natural gas producer Encana Corp ECA.TO lost 7 percent to
C$8.96, miner First Quantum Minerals Ltd FM.TO fell 6.3
percent to C$9.49, and pipeline company Enbridge Inc ENB.TO
declined 1.1 percent to C$58.94.
Oil has fallen 21 percent so far this quarter.
"We're trying to figure out which companies can operate and
continue to do well in a situation as terrible as this," Teich
said. He said his firm has positions in Canadian Natural
Resources Ltd CNQ.TO and Suncor Energy Inc SU.TO .
Six of the index's 10 main groups were in positive
territory, with five advancing issues for every four decliners.
($1=$1.32 Canadian)
(Editing by Peter Galloway; Editing by Grant McCool)