(Adds portfolio manager quotes and details on Trudeau meeting
with Trump, updates prices)
* TSX closes up 27.46 points, or 0.17 percent, at 15,756.58
* Index posts a new record high
* Five of the TSX's 10 main groups rise
By Fergal Smith
TORONTO, Feb 13 Canada's main stock index rose
for the fifth straight day on Monday, posting a fresh all-time
peak as financials and industrials climbed, while lower oil and
gold prices weighed on resource shares.
U.S. equity indexes also reached record highs as investors
bet tax cuts promised by President Donald Trump would boost the
Trump said on Monday the United States will be "tweaking"
its trade relationship with Canada, stopping short of calling
for a major realignment in a development likely to please
visiting Canadian Prime Minister Justin Trudeau.
"I think it (the visit) went very well for Canada," said
John Kinsey, portfolio manager at Caldwell Securities.
"We need the U.S. and to a lesser extent they do need us."
Canada sends 75 percent of its exports to the United States
and investors worry that a proposed renegotiation of the North
American Free Trade Agreement would hurt Canada's economy.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 27.46 points, or 0.17 percent, at 15,756.58,
a new record close.
The index has rallied more than 36 percent from a three-year
trough in January last year.
Some of the most influential movers on the index were banks
and insurance companies as bond yields climbed ahead of
testimony this week by U.S. Federal Reserve Chair Janet Yellen.
Higher bond yields reduce the value of insurance companies'
liabilities and increase net interest margins of banks.
Bank of Montreal rose 0.6 percent to C$100.73 and
Manulife Financial Corp climbed 0.7 percent to C$24.59,
while the overall financials group gained 0.4 percent.
Five of the index's 10 main groups ended higher, with
industrials rising 0.7 percent as railroad stocks gained ground.
The materials group, which includes precious and base metals
miners and fertilizer companies, fell 0.4 percent.
Teck Resources Ltd rose 2.2 percent to C$33.32 as
copper reached its highest since May 2015 on supply curbs.
But gold stocks were weighed by lower gold prices, with
Goldcorp Inc falling 1.5 percent to C$21.91.
Gold futures fell 0.7 percent to $1,225.9 an ounce
and copper prices advanced 0.3 percent to $6,105.85 a
The energy group declined 0.4 percent as oil fell in
response to growing evidence that U.S. production is rising.
Canadian Natural Resources Ltd retreated 0.7
percent to C$39.20, while U.S. crude prices settled 93
cents lower at $52.93 a barrel.
(Reporting by Fergal Smith; Editing by Andrea Ricci and Chris