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Autos, food and beverage, technology and energy stocks were the top-performing sectors on the TSX during the first half of 2014. Media, retailing and consumer services were the laggards.

For investors, the question now is how long current trends remain intact.

A report on U.S. vehicle sales released Tuesday supports a positive outlook for Canadian auto stocks. Light vehicle sales came in at an annualized rate of 16.9 million, the best result since July 2006, indicating solid demand for cars produced in Ontario.

Saputo Inc.'s 32 per cent six-month return drove the S&P/TSX Food Beverage and Tobacco Index higher by 26.3 per cent in the first half of 2014. At this point, however, analysts appear concerned about the stocks' valuation levels.

The average 12-month target price for Saputo is $62.22 which is below current levels. The stock is trading with a trailing price to earnings ratio of 22 times and forecasts indicate 14.3 per cent earnings growth in the year ahead.

BlackBerry Ltd. makes up 64 per cent of the domestic Technology Hardware Index and more or less determines its performance. BlackBerry is now at the high end of the relatively narrow $8 to $12 trading range in which it has been bouncing around since mid-2013. The future performance of the company is difficult to gauge as restructuring continues and, without positive news, there is a risk that the stock will fall back when it gets close to $12.

Political instability in the Middle East helped drive oil prices and domestic energy stocks higher in the first half of the year. But now the S&P/TSX Energy Index is trading at its most expensive trailing price to earnings levels in ten years. The current 29.2 times P/E for the index is well above the previous high of 26.4 in 2010.

Tim Hortons Inc. is the only stock in the Consumer Services index, so the volatility inherent in the 4.8 per cent decline is less notable than it would be in a larger index. There's not a lot of growth expected for the company – analysts expect profits to climb by seven per cent in the next 12 months.

There's no quick fix for Canada's household debt problem, so consumer spending growth will likely remain muted. The S&P/TSX Retailing Index's -0.6 per cent decline may just be a sign of things to come in the sector.

Follow Scott Barlow on Twitter at @SBarlow_ROB.