Toronto market advances for fifth week as tech rallies

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Canada's main stock index rose on Friday, led by gains for technology shares, while the materials sector lost ground as gold prices fell.

For the week, the index advanced 0.6%, its fifth straight weekly gain, as domestic data showed"The TSX continues to climb even on a day where energy and materials were struggling, particularly with the gold price rolling back under 2,000 ," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.9% as increased expectations that the Federal Reserve will raise interest rates further next month weighed on gold .Technology climbed 1.4% as shares of e-commerce company Shopify IncNorway's sovereign wealth fund, one of the world's largest investors, said it will support a plan by Canadian miner Teck ResourcesShares of Teck Resources ended 1.2% lower.

 

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