TSX up 0.3
IAMGOLD up after PT raise from Scotiabank
Transcontinental top gainer after quarterly results

June 6 Reuters Canada39;s main stock index rose on Thursday, led by a surge in energy shares tracking higher oil prices, while weak U.S. labour market data raised hopes of interest rate cuts by the Federal Reserve.

At 1020 a.m. ET 1420 GMT, the Toronto Stock Exchange39;s SPTSX composite index was up 59.96 points, or 0.27, at 22,204.98.

The energy sector, which had weighed on the overall index earlier this week, rose 0.8 after oil prices extended gains amid growing expectations of a rate cut in the United States.

Materials shares were up 0.6 as gold hit a twoweek high and copper prices rebounded on expectations that weak U.S. data would also strengthen bets for rate cuts across the border. METl

Healthcare and technology shares, on the other hand, traded in the red, down 0.6 and 0.1, respectively.

Canadian stocks and bonds had rallied on Wednesday after the Bank of Canada became the first central bank among G7 countries to cut interest rates, raising prospects for Canada39;s economy.

We expect the Bank of Canada to make two additional 25 basis point bps cuts to the policy rate in 2024, bringing the monetary policy rate down to 4.25 by the end of 2024, said crossasset macro strategists at Rabobank in a note.

Meanwhile, data showed the number of Americans filing new claims for unemployment benefits increased last week and unit labour costs rose less than…