(Adds portfolio manager comment, updates price to close)
* TSX ends up 17.00 points, or 0.11 percent, at 15,312.20
* Seven of the TSX's 10 main groups move higher
* Materials sector fall 2.1 pct; financials up 0.7 pct
By Alastair Sharp
TORONTO, Dec 9 Canada's main stock index barely
extended a 19-month high on Friday, jumping 1.7 percent over the
week, as heavyweight energy and bank stocks gained with rising
oil prices and bond yields while mining losses eclipsed broad
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 2.1 percent. Diversified
miner Teck Resources Ltd fell 6.9 percent to C$29.37.
"I think the materials have run way too far too fast and
have been completely overplayed," said Barry Schwartz, portfolio
manager at Baskin Financial Services. "I would be hesitant to
put any money in that sector at the moment."
Materials stocks powered higher from mid-January to an
August peak but have since trimmed some gains. Teck has only
turned lower since late November.
Gold fell to a 10 month low as the U.S. dollar and global
equities rose, heading for a fifth straight weekly decline on
expectations of a U.S. Federal Reserve interest rate hike next
Barrick Gold Corp, the world's largest producer,
fell 3 percent to C$20.38.
Ivanhoe Mines Ltd jumped 16.6 percent to C$2.74.
Bernstein started coverage of the company with an outperform
rating and a C$10 price target.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 17.00 points, or 0.11 percent, at 15,312.20,
after touching its highest since May 2015 at 15,347.74. Seven of
its 10 main groups gained.
The financials group rose 0.7 percent as 10-year bond yields
rose solidly for a second straight day.
Higher bond yields reduce the value of insurance companies'
liabilities and increase net interest margins of banks.
The country's largest lender, Royal Bank of Canada,
gained 1 percent to C$90.30 and Toronto-Dominion Bank
rose 0.9 percent to C$65.75.
Fairfax Financial Holdings shares slipped 0.5
percent to C$605.77.
A subsidiary of Fairfax, one of the shareholders who helped
keep Bank of Ireland out of state hands in 2011, is selling half
its remaining stake in the Irish lender.
The energy group climbed 0.6 percent, as crude gained ahead
of a weekend meeting of producers that could result in a
agreement for further production cuts.
Cenovus Energy Inc added 0.9 percent to C$20.67 a
day after it said it planned to increase its 2017 capital budget
and resume work on an oil sands project expansion.
Shares in BRP Inc, the maker of Ski-Doo snowmobiles
and Sea-Doo watercraft, jumped 9.6 percent to C$28.10, after its
quarterly profit beat expectations.
(Reporting by Alastair Sharp; Editing by Nick Zieminski and