* TSX ended 2023 8% higher
* Infotech leads yearly gains
* Index up 0.14% on Friday
(There will be no Canada equities report on Jan. 1 on account of New Year's Day holiday; Reuters will resume coverage from Jan. 2)
Dec 29 (Reuters) - Canada's main stock index ended higher on the final trading day of the year, wrapping 2023 with gains, powered by a boost in energy and financial stocks.
The Toronto Stock Exchange's S&P/TSX composite index was up 29.06 points, or 0.14%, at 20,958.44, a third consecutive weekly gain.
Although battling inflationary winds, Canadian stocks snapped last year's declines to climb 8% in the year, entering 2024 with fresh hopes of an interest rate cut by the Bank of Canada.
"In 2023, equity markets showed remarkable resilience, providing a significant snapback stock market recovery as the major stock market indices ascended the proverbial wall of worry," said Brandon Michael, senior investment analyst at ABC Funds.
"There remains many reasons to be optimistic and bullish on stocks in 2024 ... The economy is on strong footing, consumers' resilience, inflation is decelerating sharply and earnings continue to surprise."
U.S. stocks closed modestly lower on the last trading day of 2023 and capped a robust year-end rally as investors eyed easier monetary policy in the year ahead.
In Canada, the energy sector rose 0.3% as crude prices gained. Financials rose 0.3% and closed the year 8.7% higher.
The information technology index led yearly gains, soaring nearly 57%, helped by a 123% surge in Shopify . On Friday, they were down about 1.4% and dragged the broader tech index.
Healthcare stocks are up 23% for the year and the index marked its first gain in six years.
The materials sector, which includes precious, base metals miners and fertilizer companies, was among the worst hit on Friday, dropping 0.4% and about 2.9% during the year.
The index was weighed by a dip in the prices of gold and copper as the dollar strengthened.
Trading remained slim during the day as investors broke for the year-end holiday. The TSX will be shut on Jan. 1 for New Year's Day.
On the corporate front, a U.S. court approved Hut 8 to proceed with the full mining operations plan concerning Celsius Network bankruptcy proceedings. However, the shares reversed earlier gains to drop nearly 17%. (Reporting by Khushi Singh in Bengaluru; Editing by Ravi Prakash Kumar and Chris Reese)
