• TSX ends up 0.5% at 24,561.20
• Financials rise 0.7%; utilities add 2.2%
• Eight of 10 major sectors post gains
• Energy falls 0.5%; oil hits a two-week low

Oct 16 (Reuters) - Canada's main stock index rose to a record high on Wednesday, led by bank sector gains as investors bet on faster interest rate cuts by the Bank of Canada that would boost the economy.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 122.12 points, or 0.5%, at 24,561.20, moving past the record closing high it notched on Friday.

Financials, the most heavily weighted sector on the TSX, added 0.7%, as shares of Bank of Nova Scotia (BNS.TO) , opens new tab rose 1.3%.

"Banks have been on a tear," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

"This idea that interest rate cuts in Canada is good for our banks. I think we're going to see a lot more activity on the lending side."

Chances of an unusually large 50-basis-point rate cut from the BoC next week have climbed to roughly 80% from 50% before the release of cooler-than-expected domestic inflation data on Tuesday.

The utilities sector, which includes many high-dividend paying stocks that could particularly benefit from a faster pace of rate cuts, climbed 2.2%.

The materials sector, which includes fertilizer companies and metal mining shares, edged up 0.3% as gold and copper prices rose.

Saudi Arabia's Manara Minerals is closing in on a deal to buy a minority stake in First Quantum Minerals' Zambian copper and nickel assets, three people familiar with the details told Reuters.

Shares of First Quantum (FM.TO) , opens new tab increased 2.4%. In contrast, Barrick Gold Corp (ABX.TO) , opens new tab shares fell 1.7% after the company said it produced less gold than expected in the third quarter.

Eight of the 10 major sectors ended higher. Technology and energy both lost 0.5%.

Energy shares were depressed as oil prices hit a two-week low .

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https://www.reuters.com/markets/tsx-futures-edge-up-higher-metal-prices-2024-10-16/