TSX notches 12-day high on broad rally led by materials

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

TORONTO (Reuters) - Canada's main stock index posted a 12-day high on Tuesday, with broad-based gains led by materials companies as copper prices climbed, while TransCanada Corp added to gains after winning a key approval for its Keystone XL pipeline on Monday.

The Toronto Stock Exchange's S&P/TSX composite index closed up 72.25 points, or 0.45 percent, at 16,076.65, its highest close since Nov. 9.

One of the largest percentage gainers was First Quantum Minerals Ltd, which rose 3.5 percent to C$15.31 as copper prices pushed higher.

Copper prices advanced 1.4 percent to $6,920 a tonne. [MET/L]

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 percent.

Industrial shares rose 0.5 percent as railroad stocks gained ground, while the consumer discretionary group advanced 0.8 percent.

Shares of TransCanada Corp rose 1.2 percent to C$64.25.

The overall energy group was little changed even as oil prices climbed.

U.S. crude CLc1 prices settled 0.7 percent higher at $56.83 a barrel as traders looked ahead to a meeting next week at which major crude exporters are expected to extend production cuts.

Shares of Concordia International Corp fell 3.3 percent to C$0.58. The drug company overcharged Britain's health service millions of pounds for an essential thyroid drug by abusing its position as the only supplier, the country's Competition and Markets Authority said.

(Reporting by Alastair Sharp and Fergal Smith; Editing by Bill Trott and Tom Brown)