(Adds portfolio manager quotes and updates prices)
* TSX closes up 60.51 points, or 0.4 percent, at 15,100.38
* Index posts its highest since June 2015
* Seven of the TSX's 10 main groups end higher
By Fergal Smith
TORONTO, Nov 22 Canada's benchmark stock index
rose to a fresh 17-month high on Tuesday as base metal mining
and financial shares rose, offsetting some profit-taking in
energy shares ahead of a meeting next week of major oil
The Toronto Stock Exchange's S&P/TSX composite index
closed up 60.51 points, or 0.4 percent, at 15,100.38,
its highest since June 2015.
"Some of the base metal names are up quite a bit not only
today but since the election and that's just driven by some of
(U.S. President-elect) Donald Trump's potential new policies,
particularly his expected infrastructure investment" said Cavan
Yie, senior equity analyst, at Manulife Asset Management.
Teck Resources Ltd jumped 7.3 percent to C$34.33,
and First Quantum Minerals Ltd advanced 6.3 percent to
Prices for copper, which both companies mine, rallied to a
one-week high, powered by signs of tighter supply and increased
Chinese demand and as investors broadly bet on rising U.S.
The materials group, which includes precious and base metals
miners and fertilizer companies, climbed 1.2 percent despite
losses for some gold miners and fertilizer stocks.
Goldcorp Inc shed 0.6 percent to C$18.14 and Potash
Corp fell 1.7 percent to C$24.07.
The financials group, which has benefited from higher bond
yields since the U.S. election, gained 0.4 percent. Higher bond
yields improve the net interest margin for banks and reduce the
value of insurance companies' liabilities.
Manulife Financial climbed 1.7 percent to C$23.54 and
Fairfax Financial Holdings Ltd gained 3.8 percent to
C$627.85. Fairfax's chief executive, Prem Watsa, said earlier
this month it had reduced its famously bearish outlook in light
of Trump's victory.
Industrials rose nearly 1 percent, led by railroad stocks.
Shares in Bombardier Inc advanced 2.1 percent to
C$1.91. The plane and train maker said it won an eight-year
contract valued at C$331 million from Montreal's regional
Of the index's 10 main groups, just three ended lower,
including a 0.3 percent decline for energy.
"We are seeing some profit-taking after some big moves
higher over the past few days," said Yie at Manulife Asset
Oil ended little changed in volatile trade that saw prices
rise and fall by $1 a barrel depending on the latest comment
from OPEC officials at a technical conference in Vienna on
whether the cartel members would agree to an output cut.
"We think we will see a successful deal and ultimately
higher oil prices over the near term," said Yie.
(Reporting by Alastair Sharp; Editing by Meredith Mazzilli and