(Updated at 1017 ET (1417 GMT)

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Tilray Brands drops to the bottom of TSX

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Materials index leads intraday, weekly gains

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TSX up 0.3%

By Khushi Singh

May 17 (Reuters) - Canada's main stock index edged

higher on Friday, hovering near record highs, buoyed by surging

commodity prices that lifted the energy and materials sectors.

At 1017 ET (1417 GMT), the Toronto Stock Exchange's S&P/TSX

composite index was up 76.84 points, or 0.34%, at

22,376.67. The index looks set to clock a second consecutive

week of gains.

The materials sector, which includes precious and

base metals miners and fertilizer companies, led sectoral gains

with a 1.7% jump, boosted by strength in the prices of most

metals.

In particular, silver prices climbed to an 11-year high on

improved interest rate cut expectations, and copper prices rose

to a 25-month peak after China announced fresh support for its

ailing property sector.

"Silver could get rejected from here. But if it can

eventually break above this level, and then hold it as support,

it could set the scene for further gains," said David Morrison,

senior market analyst at Trade Nation.

The energy sector followed with a 0.4% gain, as

economic indicators from big consumers China and the United

States bolstered hopes for higher oil demand.

In corporate updates, shares in Tilray Brands

dropped 5.7% to the bottom of TSX after the cannabis-lifestyle

company announced that it may offer and sell shares of common

stock having an aggregate offering price of up to $250 million.

The broader healthcare index was off 1.6%,

leading sectoral losses.

In the week ahead, investors will gauge Canada's April

inflation data for fresh insights into the Bank of Canada's rate

cut timeline.

Investors anticipate the BoC to begin rate cuts as early as

June or July, compared to the U.S. Federal Reserve's first cut

expected in September.