Tech gains help TSX add to weekly winning streak

By Fergal Smith

(Reuters) -Canada's main stock index edged higher on Friday, led by technology and energy shares, as U.S. data showed inflation pressures easing ahead of interest rate decisions next week from some major central banks.

The Toronto Stock Exchange's S&P/TSX composite index ended up 13.98 points, or 0.1%, at 20,714.48, its highest closing level since June 8.

For the week, the index was up 1%. That was its fourth straight weekly gain, its longest weekly winning streak since March.

Wall Street also gained ground on Friday after U.S. data showed softening demand and cooling inflation.

"Inflation data in general has been slowing for a number of months. I believe that's going to continue as we go forward," said Mike Archibald, a portfolio manager at AGF Investments.

"Tighter monetary policy is having the impact that central banks around the world are hoping for."

On Wednesday, the Bank of Canada raised its key interest rate to 4.5% and signaled a pause in its tightening campaign.

The U.S. Federal Reserve, the European Central Bank (ECB) and the Bank of England (BoE) are due to announce their policy decisions next week.

The technology sector rose 1.5%, while energy was up 1.1% despite a pullback in oil. U.S. crude oil futures settled 1.6% lower at $79.68 a barrel, giving back some of its recent gains.

France's TotalEnergies will buy an extra stake in western Canada's Fort Hills oil sands mine from Teck Resources, the companies said, leaving partner Suncor Energy with a smaller slice than planned in a project that has struggled with operational challenges.

Suncor was flat on the day, while Teck Resources ended 0.8% lower.

The materials group, which includes precious and base metals miners and fertilizer companies, was a drag. It lost 0.8% and utilities ended 0.7% lower.

(Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Krishna Chandra Elur, Shinjini Ganguli and Josie Kao)