TSX edges higher as gold miners, telecoms climb
By Fergal Smith
TORONTO (Reuters) - 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 yields declined.
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. [GOL/]
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 yields climb.
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 November.
"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. Continued...