TSX adds to weekly gains as technology shares climb
TSX ends up 0.5% at 27,494.35
Eclipses Wednesday's record closing high
July 25 (Reuters) - Canada's main stock index rose to a record high on Friday, with technology shares leading gains as investors turned attention to key events next week, including a Bank of Canada policy decision.
The S&P/TSX Composite Index ended up 122.09 points, or 0.5%, at 27,494.35, eclipsing Wednesday's record closing high. For the week, the index was up 0.7%.
The move has been supported by trade optimism "as negotiations have progressed on the U.S. side and also corporate profits that are coming in pretty strong," said Angelo Kourkafas, senior global investment strategist at Edward Jones. Policy decisions are due from both the BoC and the Federal Reserve on Wednesday, while an August 1 deadline looms for Canada to reach a trade deal with the United States.
"That summer calm may be tested," Kourkafas said. "We are seeing some signs of complacency, which raise the risk of near-term volatility, but fundamentals remain supportive." The Canadian central bank will hold its overnight interest rate steady at 2.75% for the third consecutive meeting, thanks to a recent rise in inflation and a fall in unemployment, according to a Reuters poll of economists that still found many expect at least two more cuts this year.
The technology sector rose 1.8%, boosted by a 4.7% gain for the shares of Lightspeed Commerce, which is due to release earnings next Thursday. Shares of e-commerce company Shopify added 2.5%.
Industrials were up 0.7% as railroad shares notched gains and heavily weighted financials ended 0.5% higher.
Energy was a drag, dipping 0.5%, as the price of oil settled 1.3% lower at $65.16 a barrel. (Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; Editing by Tasim Zahid and Rod Nickel)
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