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TSX up 0.3%

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Energy index among top gainers

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Bitfarms ( BITF ) to adopt 'poison pill' amid Riot takeover attempt

(Updates to close)

By Nivedita Balu

June 10 (Reuters) - Canada's main stock index rose on

Monday boosted by a jump in oil prices as investors readied for

crucial U.S. inflation data and the Federal Reserve's monetary

policy meeting due later this week.

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

was up 62.76 points, or 0.3% , at 22,069.76.

Oil prices climbed about 3% to a one-week high buoyed by

hopes of rising fuel demand this summer.

The high oil prices boosted Toronto's energy index

up 1.4%.

"Over the last several weeks we have seen a sizable pullback

in oil prices... the theory is that pullback was likely

overdone, and now we're seeing oil prices go back to about the

average price that has been trading over the past 12 months,"

Angelo Kourkafas, senior investment strategist at Edward Jones.

Investors drew a cautious stance ahead of Wednesday's U.S.

consumer prices data and the Fed's monetary policy meeting,

which could drive market action and determine the country's

timing and scope of monetary policy easing this year.

"It is going to be a very big week on the macro front in the

U.S., which no doubt will impact the Canadian markets. There's

no expectation for the rate cut by the Fed, but the focus is

going to be on the updated summary to economic projections,"

Kourkafas said.

While the Bank of Canada (BoC) has already initiated

monetary policy easing with a 25 basis points cut last week,

investors are betting on a near 51% probability that the Fed

will start rate cuts in September.

Meanwhile, Canada's manufacturing sales data and wholesale

trade numbers for the month of April are scheduled for release

on Friday.

The materials sector, which includes metals

miners and fertilizer companies, followed with a 1.3% climb,

supported by higher prices of most metals, including gold and

copper.

In corporate news, Bitcoin miner Bitfarms ( BITF ) dropped

3.6% after it approved the adoption of a "poison pill" to fend

off a potential hostile takeover attempt by rival Riot Platforms ( RIOT )

.