(Adds portfolio manager quotes and details on geopolitics, gold
and telecom stocks and updates prices)
* TSX ends up 17.65 points, or 0.12 percent, at 15,269.85
* Seven of the TSX's 10 main groups climb
By Fergal Smith
TORONTO, Dec 19 Canada's main stock index gained
for the third straight session on Monday, with gold miners and
telecom shares climbing as political tensions rose and bond
The most influential movers on the index included Agnico
Eagle Mines Ltd, which rose nearly 3 percent to
C$51.18, and Barrick Gold Corp, which advanced 0.8
percent to C$19.10.
Gold edged higher as expectations of tighter U.S.
monetary policy and a stronger U.S. dollar were offset by
geopolitical tensions after the Russian ambassador to Turkey was
shot dead at an Ankara art gallery.
Telecom stocks rose 0.6 percent, with Rogers Communications
Inc climbing 1.6 percent to C$51.73, as safe haven
demand helped drive bond yields lower.
Defensive sectors, such as telecoms, have benefited from a
low yield environment. They had underperformed recently as bond
The Toronto Stock Exchange's S&P/TSX composite index
, which has gained 17 percent this year, closed up
17.65 points, or 0.12 percent, at 15,269.85.
Investor expectations of U.S. economic stimulus have helped
the TSX and Wall Street rally since the U.S. election in
"We have had such a good rise in both markets that I think
maybe some of the value is going out of some of these stocks,"
said John Kinsey, portfolio manager at Caldwell Securities.
"The wild card in all of this is (U.S. President-elect
Donald Trump) and we don't know what he is going to do."
Investors also worry that policy will take time to be
implemented and will likely change as it makes its way through
BlackBerry Ltd plans to invest C$100 million in a
new autonomous vehicle-testing hub over several years, the
company's chief executive said, marking a change of direction
for the smartphone pioneer.
The company's shares rose 2.3 percent to C$10.34.
Brazil will challenge government funding for Bombardier Inc
at the World Trade Organization.
Still, Bombardier's shares surged for the second straight
day, up 6.8 percent at C$2.19.
The overall industrials group rose 0.4 percent, while
financials gained 0.1 percent despite a 1.5 percent drop in the
shares of Fairfax Financial Holdings Ltd to C$605.00
The insurance group has agreed to buy Swiss insurer Allied
World Assurance Company Holdings AG for $4.9 billion in
cash and stock.
The materials group, which includes precious and base metals
miners and fertilizer companies, dipped 0.1 percent, while
energy was little changed.
U.S. crude prices settled up 22 cents at $52.12 a
(Reporting by Fergal Smith; Editing by James Dalgleish and