CANADA STOCKS-TSX gains 1.7 pct on week, miners weigh on the day

Fri Dec 9, 2016 4:54pm EST
 
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(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 (Reuters) - 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 gains.

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.   Continued...