(Adds portfolio manager quotes and updates prices)
* TSX closes up 60.51 points, or 0.4 percent, at 15,100.38
* Index posts its highest since June 2015
* Seven of the TSX’s 10 main groups end higher
By Fergal Smith
TORONTO, Nov 22 (Reuters) - Canada’s benchmark stock index rose to a fresh 17-month high on Tuesday as base metal mining and financial shares rose, offsetting some profit-taking in energy shares ahead of a meeting next week of major oil producers.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 60.51 points, or 0.4 percent, at 15,100.38, its highest since June 2015.
“Some of the base metal names are up quite a bit not only today but since the election and that’s just driven by some of (U.S. President-elect) Donald Trump’s potential new policies, particularly his expected infrastructure investment” said Cavan Yie, senior equity analyst, at Manulife Asset Management.
Teck Resources Ltd jumped 7.3 percent to C$34.33, and First Quantum Minerals Ltd advanced 6.3 percent to C$15.73.
Prices for copper, which both companies mine, rallied to a one-week high, powered by signs of tighter supply and increased Chinese demand and as investors broadly bet on rising U.S. inflation.
The materials group, which includes precious and base metals miners and fertilizer companies, climbed 1.2 percent despite losses for some gold miners and fertilizer stocks.
Goldcorp Inc shed 0.6 percent to C$18.14 and Potash Corp fell 1.7 percent to C$24.07.
The financials group, which has benefited from higher bond yields since the U.S. election, gained 0.4 percent. Higher bond yields improve the net interest margin for banks and reduce the value of insurance companies’ liabilities.
Manulife Financial climbed 1.7 percent to C$23.54 and Fairfax Financial Holdings Ltd gained 3.8 percent to C$627.85. Fairfax’s chief executive, Prem Watsa, said earlier this month it had reduced its famously bearish outlook in light of Trump’s victory.
Industrials rose nearly 1 percent, led by railroad stocks.
Shares in Bombardier Inc advanced 2.1 percent to C$1.91. The plane and train maker said it won an eight-year contract valued at C$331 million from Montreal’s regional transport authority.
Of the index’s 10 main groups, just three ended lower, including a 0.3 percent decline for energy.
“We are seeing some profit-taking after some big moves higher over the past few days,” said Yie at Manulife Asset Management.
Oil ended little changed in volatile trade that saw prices rise and fall by $1 a barrel depending on the latest comment from OPEC officials at a technical conference in Vienna on whether the cartel members would agree to an output cut.
“We think we will see a successful deal and ultimately higher oil prices over the near term,” said Yie. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli and Lisa Shumaker)