CANADA STOCKS-TSX notches 11-day high as financials, energy climb

Mon Mar 6, 2017 4:47pm EST
 
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(Adds portfolio manager quotes and background details and updates prices)

* TSX ends up 21.25 points, or 0.14 percent, at 15,629.75

* Six of the TSX's 10 main groups rise

By Fergal Smith

TORONTO, March 6 (Reuters) - Canada's benchmark stock index edged up on Monday to its highest close in 11 days as financial and energy shares climbed, while mining stocks weighed as lower Chinese economic growth targets contributed to a softening in prices for metals.

China, which is copper's biggest consumer, cut its growth target this year as the world's second-largest economy pushes through painful reforms to address a rapid build-up in debt and erects a "firewall" against financial risks. Copper prices fell to a more than one-week low.

"The base materials after a pretty healthy upside move are starting to digest that little change in economic projection out of China and clearly material stocks don't like the threat of a higher interest rate environment," said Matt Skipp, president of SW8 Asset Management.

Gold fell for the third straight session, pressured by comments from Federal Reserve Chair Janet Yellen that reinforced expectations of an increase in U.S. interest rates this month.

Losses for base metal miners came as the Prospectors and Developers Association of Canada's conference took place.   Continued...