(Updated at 10:08 a.m. ET/ 1508 GMT)

By Nikhil Sharma

Nov 22 (Reuters) - Canada's main stock index scaled a

record high on Friday, amid broader gains led by industrial

shares, as investors focused on stronger-than-expected retail

sales data that firmed expectations for an interest-rate cut

next month.

The S&P/TSX composite index was up 72.15 points,

or 0.28%, at 25,462.83.

The benchmark index was set for its third straight weekly

gain, aided by geopolitical uncertainties, rate cut hopes and

fresh stimulus measures.

Data showed Canadian retail sales grew at a strong pace in

September as consumers spent more at grocery stores and

supermarkets. Retail sales rose 0.9% for the third quarter.

This pushed traders to further trim their bets for a

50-basis-point rate cut next month, while bets for a 25-bps cut

stood at 90.1%.

The bets had been significantly reduced after a

hotter-than-expected inflation reading earlier this week.

"Recent improvements in consumer confidence suggest that

this strength will continue for the rest of the year," said

Thomas Ryan, North America Economist at Capital Economics.

"The government's announcement of a GST holiday and tax

rebates for households means the outlook for early 2025 looks

bright as well."

The Canadian government on Thursday unveiled C$6.3 billion

($4.5 billion) in proposed new spending measures, in a bid to

help consumers deal with high prices.

Canada's industrial sector climbed 0.8%, partly

due to ATS Corp's ( ATS ) shares that gained 1.8%.

The consumer staples sector also rose

significantly.

The technology sector, down 0.3%, was the only

outlier.

The TSX is up 21.5% this year and "given the magnitude

of the move, investors are taking a little more cautious

approach or careful approach as we head into 2025," said Angelo

Kourkafas, investment strategist at Edward Jones Investments.

"The fact that we're not seeing any outsized moves is

probably healthy in terms of making this bull market rally more

sustainable."