CANADA STOCKS-TSX rises for 4th straight day as financials, materials gain

Tue Dec 20, 2016 5:21pm EST
 
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(Adds portfolio manager quotes, details on background, Fairfax Financial and Teck Resources; updates prices)

* TSX closes up 23.11 points, or 0.15 percent, at 15,292.96

* Just three of the TSX's 10 main groups gain

By Fergal Smith

TORONTO, Dec 20 (Reuters) - Canada's main stock index rose for the fourth straight day on Tuesday, clawing back much of its losses after the Federal Reserve raised U.S. interest rates, as gains for financials and materials offset losses for defensive sectors.

The Toronto Stock Exchange's S&P/TSX composite index closed up 23.11 points, or 0.15 percent, at 15,292.96.

The index has climbed 17.5 percent this year, with an agreement by major oil producers to cut output and the prospect of U.S. economic stimulus giving the rally some recent additional momentum.

"There are probably some significant (investor) accounts out there who are under-owned in equities and are looking for opportunities... buying where they feel there is a further move to be had," said Peggy Bowie, senior trader at Manulife Asset Management.

One sector in which investors are underinvested is financials, Bowie said.   Continued...