(Adds investor quotes and details throughout, updates prices)
TSX ends up 62.25 points, or 0.3%, at 20,282.26
Industrials rise 0.4%
Technology ends 1.9% higher
Converge Technology Solutions jumps 22.6%
TORONTO, Nov 23 (Reuters) - Canada's main stock index
rose on Wednesday to its highest closing level in five months,
lifted by technology and industrial shares as the Federal
Reserve signaled it could slow the pace of interest rate hikes.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 62.25 points, or 0.3%, at 20,282.26, its
highest closing level since June 9.
"To the extent that investors are still bearishly
positioned, there is a good chance that we are going to see
further rally into the end of the year," said Mike Archibald, a
portfolio manager at AGF Investments.
Wall Street also gained ground after minutes from the Fed's
November meeting showed interest rate hikes may slow soon.
"Industrials continue to be a massive leader in this market
and I view that as very positive for future prospects for the
broader economy," Archibald said.
"Many of the companies that I'm speaking to across a number
of different industries are indicating that the demand
environment for their products across a number of different
industries still remains very robust."
The industrials sector, which includes railroad and airline
stocks, rose 0.4%, while technology ended 1.9% higher.
It was boosted by a 22.6% jump in shares of Converge
Technology Solutions after the company commenced a
strategic review process, including evaluations on a possible
sale, merger or divesture.
Capping gains for the market was a drop in energy. The
sector fell 1.2% as the price of oil settled 3.7% lower
at $77.94 a barrel.
The move lower in oil came as the Group of Seven (G7)
nations considered a price cap on Russian oil above the current
market level and gasoline inventories in the United States built
by more than analysts' expected.
(Reporting by Fergal Smith; Additional reporting by Johann M
Cherian in Bengaluru; Editing by Chris Reese)