*

TSX ends up 0.2% at 22,824.67

*

Posts its highest closing level since July 22

*

Filo Corp ( FLMMF ) shares jump after takeover deal

*

Tilray gains on upbeat Q4 revenue

(Updates at market close)

By Fergal Smith

July 30 (Reuters) - Canada's main stock index rose to an

eight-day high on Tuesday, as heavily weighed financial shares

notched gains ahead of a Federal Reserve interest rate decision

this week that could set the stage for lower borrowing costs in

the United States.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 45.1 points, or 0.2%, at 22,824.67, its

highest closing level since July 22.

In contrast, the S&P 500 and Nasdaq stumbled, weighed down

by weak chip and megacap shares ahead of earnings from some of

the heavyweight tech companies that have led gains for U.S.

indexes this year.

"This is one of those days you can really see the difference

in weighting between the U.S. and Canada," Colin Cieszynski,

chief market strategist at SIA Wealth Management. "Today you see

tech stocks getting hammered and the TSX is actually doing ok."

Technology accounts for 10% of the TSX's market

capitalization, much less than the 30% share accounted for by

financials.

Bond investors expect the Fed to hold interest rates steady

on Wednesday but signal that rate cuts are imminent. The Bank of

Canada has already begun an easing cycle.

"Interest rates coming down would be generally ok for bank

stocks as long as it's because we are beating inflation and not

because the economy is going off the rails," Cieszynski said.

Financials rose 0.4%, while utilities, which is dominated by

high-dividend paying companies that could particularly benefit

from lower interest rates, added 0.6%.

Filo Corp ( FLMMF ) was a standout. Its shares surged 8.8%

after Lundin Mining ( LUNMF ) and global miner BHP Group ( BHP )

reached a deal to jointly take over the company. Shares of

Lundin Mining ( LUNMF ) ended 2.6% lower.

Tilray Brands Inc shares climbed 7% after the

cannabis firm reported upbeat fourth-quarter revenue.