CANADA STOCKS-TSX extends winning run but stops shy of recent high

Thu Dec 22, 2016 4:49pm EST
 
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(Adds portfolio manager quotes, details on background and telecom stocks and updates prices)

* TSX closes up 29.34 points, or 0.19 percent, at 15,335.23

* Index climbs for sixth straight session

* Just four of the index's 10 main groups end higher

By Fergal Smith

TORONTO, Dec 22 (Reuters) - Canada's benchmark stock index climbed for the sixth straight session on Thursday, led by energy and telecom shares, but stopped short of the 19-month high it posted last week before the Federal Reserve raised U.S. interest rates.

The market has been consolidating its gains since the Nov. 8 U.S. election, said Davis Rea Chief Strategist John Johnston, who believes that technical indicators, the trend in corporate earnings and the economic outlook point to higher stock prices in the early part of 2017.

"Improving economic growth and relatively low inflation is a good mix for most asset classes."

Domestic data showed that the annual inflation rate cooled in November and October retail sales rose more than expected, boding well for economic growth at the start of the fourth quarter.   Continued...