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TSX hits record-high

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Energy sector leads the sectoral gains

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Givex ( GIVXF ) to be acquired by Shift4 Payments, shares jump

(Updated at 9:59 a.m. ET/ 1359 GMT)

By Nikhil Sharma

Aug 26 (Reuters) - Canada's main stock index hit another

record high on Monday in a broad-based rally led by energy and

mining stocks, while September rate cut optimism in the United

States also boosted investor sentiment.

At 9:59 a.m. ET (13:59 GMT), the Toronto Stock Exchange's

S&P/TSX composite index was up 118.64 points, or

0.51%, at 23,404.72, and is poised to extend its record-setting

streak from Friday.

At least ten major sectors on TSX logged gains, with the

energy sector climbing 2.1% as oil prices rose nearly

3% on reports of a near total production stoppage in Libya.

The materials sector rose 0.5% tracking gold and

copper prices that gained due to a weaker dollar and on hopes of

a U.S. rate cut next month.

Federal Reserve Chair Jerome Powell on Friday endorsed the

commencement of policy easing cycle, while acknowledging that

inflation was on a sustainable downward path to a 2% target.

"When you have five and a quarter Fed funds rate and

inflation rate at around 2.5%, there's a lot of room for

cutting," said Allan Small, senior investment advisor at Allan

Small Financial Group with iA Private Wealth.

Market participants are betting on a higher chance of 25

basis points cut at the policy meeting next month.

The focus will be on the U.S. personal consumption and gross

domestic product estimates expected later in the week, along

with AI-darling Nvidia's ( NVDA ) quarterly results due on

Wednesday.

Back home, the Canada Industrial Relations Board ordered to

end work stoppages at the railways operators that posed a threat

to Canada's export-driven economy.

In an important week for Canadian earnings, major lenders

like Bank of Nova Scotia ( BNS ), Royal Bank of Canada ( RY ),

and the National Bank of Canada ( NTIOF ) are expected to report

their quarterly results.

Among corporate news, Givex ( GIVXF ) shares jumped 50%

after Shift4 Payments agreed to acquire the Canadian technology

firm in a deal valued at C$200 million.