May 27 (Reuters) - Canada's main stock index rose on Friday,
putting it on track for its best weekly performance in more than
three months, aided by gains in technology and cyclical shares
amid an upbeat mood in global equities.
At 9:47 a.m. ET (13:47 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 87.44 points, or 0.43%,
at 20,619.62. It appeared set to gain for a sixth consecutive
session, its longest winning streak since mid-March.
Sentiment in global markets remained buoyant on an
optimistic earnings outlook and as the Federal Reserve minutes
released earlier this week eased concerns about aggressive
interest rate hikes.
"I think it has been in a better mood since the FOMC minutes
on Wednesday, which have largely been interpreted as providing
some hope that rates may not be tightened as aggressively as had
previously been anticipated, and certainly not to the extent
that the likes of Brainard were suggesting just a few weeks
ago," said Stuart Cole, head macroeconomist at Equiti Capital.
Technology stocks rose 1.5%, leading gains in the
index with e-commerce company Shopify up 2.8%, while
consumer discretionary shares fell 1.12%.
Pot producer Aurora Cannabis fell 32.0% to the
bottom of the index after it upsized its previously announced
bought deal financing. Canopy Growth Corp shed 14.6%
after it reported a larger adjusted core loss for the fourth
quarter, as demand for cannabis fell from COVID-19
lockdown-induced highs.
Healthcare shares fell 5.4%, while the energy
sector dropped 0.2%, weighed down by weaker crude
prices.
The financials sector gained 0.8%, with National
Bank of Canada up 2.6%, leading gains after its
second-quarter profit beat estimates on lower-than-expected
provisions for credit losses (PCL).
The benchmark index, up 2% so far this week, was on track to
post its best weekly gain since early-February as resilience in
oil prices has supported energy shares, while financial stocks
have advanced on the back of upbeat bank earnings.
(Reporting by Amal S in Bengaluru;
Editing by Vinay Dwivedi)