• TSX ends up 0.5% at 30,501.99
• Materials group adds 1.8% as gold surpasses $4,000
• Technology sector gains 2.9%
• MEG Energy jumps 6.4% as Cenovus Energy raises bid

TORONTO, Oct 8 (Reuters) - Canada's main stock index rose on Wednesday, led by gains for technology and metal mining shares, with the latter getting a boost from gold prices surpassing $4,000 an ounce.

The S&P/TSX Composite Index (.GSPTSE) , opens new tab ended up 150.27 points, or 0.5%, at 30,501.99, moving closer to the record closing high it posted on Monday.

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"It seems to be that every day there's another news story that's good for gold," said Barry Schwartz, chief investment officer at Baskin Wealth Management.

Gold surged past the $4,000 an ounce level for the first time as broader geopolitical and economic uncertainty as well as expectations of U.S. interest rate cuts sent investors flocking to the safe-haven asset.

The materials group (.GSPTTMT) , opens new tab, which includes metal mining shares, was up 1.8%.

"For the TSX, you may not have as much upside going forward but you might see a rotation in some of the names," Schwartz said, adding that the stocks of some good businesses have lagged the market's rally, including railroads, convenience store operator Alimentation Couche-Tard Inc (ATD.TO) , opens new tab and software company Constellation Software Inc (CSU.TO) , opens new tab.

Shares of Constellation Software rose 0.8%, while e-commerce company Shopify Inc (SHOP.TO) , opens new tab added 3.3%. The technology sector (.SPTTTK) , opens new tab was up 2.9% along with gains for U.S. technology shares.

Four of the TSX's 10 major sectors ended lower.

Heavily weighted financials (.SPTTFS) , opens new tab were down 0.3% and energy (.SPTTEN) , opens new tab slipped 0.1% even as the price of oil settled 1.3% higher at $62.55 a barrel. Traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow.

Cenovus Energy (CVE.TO) , opens new tab raised its bid for MEG Energy (MEG.TO) , opens new tab, intensifying a takeover battle for the Canadian oil producer with rival Strathcona Resources (SCR.TO) , opens new tab. MEG's shares rose 6.4%, while shares of Cenovus added 1.8% and Strathcona was up 2.4%.

https://www.reuters.com/business/tsx-futures-edges-higher-commodities-strengthen-2025-10-08/