(Adds portfolio manager comment, updates prices to close)
* TSX ends up 49.78 points, or 0.38 percent, at 13,084.16
* Nine of the TSX's 10 main groups rise
By Alastair Sharp
TORONTO, Dec 22 (Reuters) - Canada's main stock index gained
on muted advances across a range of sectors in low-volume trade
on Tuesday, with rises in industrial, telecom and resource
stocks offsetting a subdued performance from some of the
country's biggest banks.
The index has recovered somewhat from a two-year low hit in
mid-December, but investors are not excited by the prospects for
Canadian equities in the first half of 2016.
"It slows down into the year-end, but when you look at the
data on the other side, there doesn't seem to be anything to get
too excited about," said Manash Goswami, portfolio manager at
First Asset Investment Management Inc. "I want to be where GDP
growth is higher, and that is the U.S. over Canada."
Goswami said investors could hold more cash, or look to
higher-yielding sectors such as utilities, real estate and
telecoms, given Canada will likely remain stuck with low
interest rates for some time.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 49.78 points, or 0.38 percent, at 13,084.16,
with nine of the index's 10 main groups in positive territory.
The heavyweight financial group was barely higher overall,
although some of the biggest banks weighed. Bank of Montreal
BMO.TO lost 1 percent to C$77.89 and Toronto-Dominion Bank
TD.TO slipped 0.4 percent to C$54.60.
Brookfield Asset Management Inc BAMa.TO gained 0.6 percent
to C$43.90. Australia's antitrust regulator said it will
consider a watered down version of the infrastructure giant's
$6.5 billion bid for freight firm Asciano Ltd, reviving the
prospect of a deal.
Dominion Diamond Corp DDC.TO surged 22.5 percent to
C$14.06. It said it is working with bankers to find ways to
boost shareholder value, possibly including a sale.
Centerra Gold CG.TO fell 5.6 percent to C$6.79 after
Kyrgyzstan's government said it had stopped talks with the
company on restructuring their joint Kumtor project because the
current agreement "ran counter to the country's national
interests."
The overall materials group rose 0.7 percent, while energy
stocks eked out a marginal gain, helped by pipeline companies.
Enbridge Inc ENB.TO was up 2.3 percent at C$44.58 and
TransCanada Corp TRP.TO rose 1.3 percent to C$45.25.
In contrast, Encana Corp ECA.TO fell 5.2 percent to
C$6.52.
U.S. crude CLc1 prices settled up 0.9 percent at $36.37 a
barrel, while Brent crude LCOc1 fell slightly to $36.33. O/R
Valeant Pharmaceuticals International Inc (N:VRX) VRX.TO rose 4
percent to C$158.09.
(Additioanl reporting by Fergal Smith; Editing by Meredith
Mazzilli and Dan Grebler)