(Adds portfolio manager quotes, details on performance and
utilities group, updates prices)
* TSX ends up 27.8 points, or 0.2 percent, at 14,064.54
* Eight of the TSX's 10 main groups end lower
* Index gains 1.2 in short week; near flat for June
* Index rises 4.2 percent in the second quarter
By Fergal Smith
TORONTO, June 30 (Reuters) - Canada's main stock index
closed higher on Thursday as a rally in gold stocks offset
losses for financial sector stocks and lift the market for a
third straight session.
The index was nearly unchanged for the month of June, but
rose 1.2 percent on the week and 4.2 percent for the second
quarter. Its heavy concentration of gold miners helped limit a
selloff in the wake of Britain's vote to leave the European
Union last week. The market will be closed on Friday for a
national holiday.
"The precious metal stocks are going, I think, to be fairly
strong through the summer," said James Winckler, research
associate at MacNicol and Associates Asset Management, who
expects them to benefit from a "flight to safety."
The materials group, which includes precious and base metals
miners and fertilizer companies, climbed 1.1 percent.
Barrick Gold Corp ABX.TO advanced 2.4 percent to C$27.58
and Goldcorp Inc G.TO gained 1.4 percent to C$24.72.
Investors pushed the price of bullion to a two-year high
after the Brexit vote. Spot gold XAU= rose 0.3 percent.
Industrial stocks rose 0.4 percent as railway stocks
climbed, while the interest-rate sensitive utilities group
advanced 0.8 percent.
Gains for utilities came as Canada's 30-year bond yield hit
a new record low at 1.706 percent and after Bank of England
Governor Mark Carney said the central bank would probably need
to pump more stimulus into Britain's economy over the summer.
"What's driving stocks in general for pretty much all
countries is a low interest rate environment," Winckler said.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed up 27.8 points, or 0.2 percent, at 14,064.54.
It touched its highest since June 23 at 14,106.79.
Eight of the index's 10 main groups ended higher.
Superior Plus Corp SPB.TO rose 3.7 percent to C$10.66
after terminating a deal to buy Canexus Corp CUS.TO , which
dropped 0.8 percent to C$1.27.
The energy group ended 0.1 percent higher, restrained by
losses for crude oil. U.S. crude oil futures CLc1 settled
$1.55 lower at $48.33 a barrel.
Canadian Imperial Bank of Commerce CM.TO , which on
Wednesday said it was buying a U.S. bank, fell 0.9 percent to
C$97.04, while the overall financials group dipped 0.3 percent.
The Canadian economy grew 0.1 percent in April from March,
paving the way for a sickly second quarter on the back of
devastation caused by wildfires in Alberta. ECONCA