(Adds latest figures)
* TSX ends up 281.88 points, or 1.5%, at 19,254.56
* Posts its highest closing level since June 27
* Canadian National Railway climbs 4.2%
* Shopify rallies 11%
TORONTO, July 27 (Reuters) - Canada's main stock index rose on Wednesday to a one-month high, bolstered by upbeat corporate earnings and rising hopes that the Federal Reserve would begin to slow the pace of interest rate hikes.
The Toronto Stock Exchange's S&P/TSX composite index ended up 281.88 points, or 1.5%, at 19,254.56, its highest closing level since June 27.
It was helped by gains for Canadian National Railway Co and Rogers Communications, up 4.2% and 0.6%respectively, after reporting better-than-expected results.
"Canadian earnings season is off to a positive start," Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note.
Wall Street also rallied as investors bet that the U.S. central bank would slow interest rate hikes soon after announcing on Wednesday a three-quarters of a percentage point increase that was in line with expectations.
The Toronto market's technology sector rallied 4.3% as e-commerce giant Shopify Inc said it plans to scale back headcount and spending after a surprise quarterly loss, sending its battered shares 11% higher.
The energy group climbed nearly 3% as oil prices rose. U.S. crude oil futures settled 2.4% higher at $97.26 a barrel after data showed U.S. crude oil stockpiles falling last week.
The materials group, which includes precious and base metals miners and fertilizer companies, added 1.4% as the price of gold rose. (Reporting by Fergal Smith; Additional reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Will Dunham)