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TSX ends up 0.5% at 29,050.63

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For the week, the index adds 1.7%

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Materials group gains 2.6% as gold climbs

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Technology adds 2.4%

(Updates at market close)

By Fergal Smith

Sept 5 (Reuters) - Canada's main stock index rose on

Friday to another record high, led by gains for technology and

gold mining shares, as disappointing U.S. and Canadian jobs data

spurred investors to raise bets on interest rate cuts.

The S&P/TSX composite index ended up 134.74

points, or 0.5%, at 29,050.63, eclipsing Thursday's record

closing high.

It was the eighth-straight day of gains for the index, the

longest daily winning streak since May. For the week, the index

was up 1.7%.

"Once again, weak data helped push rate cut expectations,"

said Angelo Kourkafas, senior global investment strategist at

Edward Jones.

"We saw a universal message across both the U.S. and Canada

with employment numbers coming in weaker than expected ... It

really cements the market expectations, first of all for the Fed

that it is going to resume rate cuts in September, and for the

Bank of Canada that the easing cycle is not over."

Investors see a 90% chance the Bank of Canada will resume

its easing campaign on September 17 after leaving its benchmark

rate on hold at 2.75% since March, and are fully discounting a

rate cut that same day by the Federal Reserve.

Canada's economy shed 65,500 jobs in August, largely in

part-time work, and the unemployment rate climbed to 7.1%.

That's the highest level of unemployment since May 2016

excluding the pandemic.

The S&P 500 ended lower, contributing to the TSX extending

its outperformance this year compared to the U.S. benchmark.

"I believe it is the commodity and metals exposure that

continues to help the index," Kourkafas said.

The materials group, which includes metal mining

shares, added 2.6% as the price of gold rose to another

all-time high.

Technology was up 2.4%, with shares of electronics

company Celestica Inc ( CLS ) jumping 9.9%.

Energy was a drag, falling 1.7%. The price of oil settled

2.5% lower at $61.87 a barrel as expectations grew of higher

supply.