(Adds portfolio manager quotes, details on sectors and index's
performance and updates prices)
* TSX closes up 175.84 points, or 1.18 percent, at 15,039.87
* Index posts its highest close since June 3, 2015
* Eight of the TSX's 10 main groups move higher
By Fergal Smith
TORONTO, Nov 21 Canada's main stock index jumped
to a 17-month high on Monday, led by a more than 3 percent gain
for its energy sector as oil rallied ahead of an OPEC meeting
U.S. crude oil futures settled nearly 4 percent higher at
$47.49 a barrel, bolstered by growing conviction that major oil
producing countries would agree next week to limit output.
The most influential movers on the index included Suncor
Energy Inc, which rose 2.4 percent to C$42.80, and
Canadian Natural Resources Ltd, up 2.3 percent to
Financials, industrials and materials stocks also gained
"Investors are looking for those stocks that will do
relatively well in a (Donald) Trump administration-led economy,"
said Irwin Michael, portfolio manager at ABC Funds.
U.S. President-elect Trump has proposed infrastructure
spending, tax cuts and deregulation of banks, policies seen by
investors as business-friendly. He met with a stream of Cabinet
hopefuls at his Manhattan office tower on Monday.
"If he (Trump) does pick people who have a lot of
credibility for his cabinet, such as (2012 Republican
presidential nominee) Mitt Romney, the market will be probably
quite enthused," Michael said.
The Toronto Stock Exchange's S&P/TSX composite index
closed up 175.84 points, or 1.18 percent, at
15,039.87, its highest since June 3, 2015.
The index has rallied 30 percent since January, helped by a
partial rebound in oil prices.
Royal Bank of Canada rose 1.9 percent to C$88.95,
while the overall financials group advanced 0.8 percent.
Industrials climbed 1.1 percent, led by gains for railroad
stocks, while the materials group, which includes precious and
base metals miners and fertilizer companies, added 1.7 percent,
as gold and copper prices both pushed higher. .
Copper producer First Quantum Minerals Ltd surged
more than 7 percent to C$14.80 as copper led metals higher on
expectations of improving appetite from top consumer China.
Just two of the index's 10 main groups ended lower, with
health care falling nearly 1 percent and telecoms dipping 0.2
Shares in TransAlta Corp, the country's largest
operator of coal-fired plants, declined 0.9 percent to C$5.57.
Canada announced on Monday it will virtually eliminate the
use of traditional coal-fired electricity by 2030.
Canadian wholesale trade unexpectedly fell 1.2 percent in
September from August, dropping for the first time in six months
after a series of strong gains.
(Reporting by Alastair Sharp; Editing by Dan Grebler and Chris