CANADA STOCKS-Strong big bank earnings, energy stocks fuel Toronto shares

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TSX up 0.1%

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Big banks gain on Q4 profit beat

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BRP sinks on FY guidance cut

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TSX eyes strong monthly gains

(Updated at 9:42 a.m. ET/ 1442 GMT)

By Shashwat Chauhan

Nov 30 (Reuters) - Canada's main stock index advanced on Thursday as energy stocks rose on higher crude prices and financials gained on upbeat big bank earnings while investors parsed through more domestic and U.S. economic data.

At 9:42 a.m. ET (1442 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 23.2 points, or 0.12%, at 20,139.4.

Energy added 1.5% as crude oil prices rose in anticipation of the outcome of an OPEC+ meeting with potential further supply cuts in 2024 on the agenda.

Heavyweight financials added 0.4% as Royal Bank of Canada and the Canadian Imperial Bank of Commerce advanced 2.2% and 2.9% respectively, after beating quarterly profit estimates.

Canada's second-largest lender, TD Bank Group, however, fell 1.7% after missing fourth-quarter profit estimates.

The benchmark Canadian index is set to post its first monthly gain in four, as global markets made gains on hopes that major central banks were nearing the end of interest rate hikes.

Information technology is set to be the best-performing sector this month, while the energy sector is on track to be the laggard.

On Thursday's data calendar, the

Canadian economy

unexpectedly contracted at an annualized rate of 1.1% in the third quarter, avoiding a recession but showing growth stumbling ahead of next week's Bank of Canada's interest-rate decision.

"While we wouldn’t rule out a renewed contraction in the new year, for now, the economy appears to be experiencing a "bumpy landing" rather than an outright recession," Stephen Brown, deputy chief North American economist at Capital Economics, said.

Across the border, data showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest since early 2021.

Among other individual stocks, powersports vehicle maker BRP slumped 10.5% after trimming its full-year adjusted profit forecast. (Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)