(Updated at 10:08 a.m. ET/ 15:08 GMT)

By Nikhil Sharma

Nov 12 (Reuters) - Canada's main stock index hit a

record high on Tuesday, boosted by the technology sector that

offset broader market losses as Shopify's ( SHOP ) shares rose

on upbeat quarterly results.

The S&P/TSX composite index was up 175.35 points,

or 0.71%, at 24,964.63.

The information technology sector rose 6.9% to a

record high as Shopify ( SHOP ) jumped 24.8% to its highest since January

2022.

Shopify ( SHOP ) forecast fourth-quarter revenue growth above

estimates, as its focus on employing AI-powered tools attracted

more merchants to its e-commerce services ahead of the holiday

season.

In contrast, the materials sector fell 1.4% as

gold prices dipped 1% to their lowest levels in nearly two

months after the U.S. dollar soared, while lower copper prices

also weighed.

At least 10 sectors on the index nursed losses, with

technology being the only outlier.

"We are seeing growth in stocks like Shopify ( SHOP )," said

Shiraz Ahmed, senior portfolio manager and founder of Sartorial

Wealth at Raymond James.

"I would call this a little bit of a contrarian rally

here," said Ahmed, adding the TSX has lagged its U.S. peers on a

yearly basis and that Canada doesn't have the robustness

relative to many other markets around the world.

Wall Street's main indexes were subdued as investors stepped

to the sidelines after a post-election rally.

U.S. President-elect Donald Trump's proposed policies,

including tariffs on all imports from key trading partners, have

concerned investors globally.

Canada, which sends the majority of its crude exports to the

United States, will face a major economic impact if there is a

slowdown in energy trade.

However, Trump's suggested tax cuts and looser regulations

broadly boosted equities since the election results last week.

Attention has shifted to the U.S. inflation data due

Wednesday, which will help gauge the Federal Reserve's

interest-rate path, and to Fed Chair Jerome Powell's speech on

Thursday.