Canada's benchmark stock index edged up to a one-week high on Monday as financial and consumer discretionary shares gained ground, while energy and mining stocks were pressured by lower commodity prices.

The Toronto Stock Exchange's S&P/TSX composite index closed up 5.83 points, or 0.04 per cent, at 16,004.40, its highest close since Nov. 13.

The financials group, which contributes more than a third to the index's overall weight, rose 0.2 per cent, helped by gains for some of the country's major banks as bond yields rose.

Canada's 10-year yield climbed 2.3 basis points to 1.960 per cent. Higher bond yields increase net interest margins of banks.

The largest percentage gainer on the TSX was Home Capital Group Inc (HCG.TO), which rallied 7.0 per cent to $16.77. Last week, some analysts raised their target price on the stock after the mortgage lender reported third-quarter results.

The consumer discretionary group rose nearly one per cent, with Dollarama Inc (DOL.TO) advancing 1.5 per cent to $153.64.

Seven of the index's 10 main groups ended higher.

The energy group, which accounts for almost one-fifth of the index's weight, retreated 1.8 per cent as oil prices fell.

U.S. crude prices settled 0.8 per cent lower at US$56.09 a barrel, extending recent weakness ahead of a meeting next week of the Organization of the Petroleum Exporting Countries.

Canadian Natural Resources Ltd (CNQ.TO) lost 2.25 per cent to $43.53 and Cenovus Energy Inc (CVE.TO) fell 3.78 per cent to $12.49.

TransCanada Corp (TRP.TO) rose 1.6 per cent to $63.51 after Nebraska regulators approved a route through the state for the company's Keystone XL pipeline.

The materials group, which includes precious and base metals miners and fertilizer companies, fell 0.8 per cent.

Gold futures fell 1.5 per cent to US$1,275.9 an ounce, pressured by a stronger U.S. dollar. 

The TSX composite index lost ground last week, breaking a nine-week winning streak that had pushed it to an all-time high.