TSX Rises as Banks Gain

(Updates to close) By Darshan Kumar R and Avinash P Sept 21 (Reuters) — Canada's main stock index gained on Monday, led by technology and financial stocks, as investors digested the Bank of Canada's comments on inflation and growth. The S&P/TSX Composite Index was up 0.57% at 36,009.40. Wall Street surged, lifted by gains in Advanced Micro Devices and other AI heavyweights..N In Canada, the technology index rose 2.96%. "It (TSX) is getting imposed by the technology sector. Shopify, no doubt, is a big gainer on that front," Angelo Kourkafas, senior global strategist-investment strategy at Edward Jones. "More broadly, mega cap tech is reasserting leadership." Shares of Shopify, Canada's third largest company, rose 7.8% while those of Blackberry 7%. Bank of Canada Governor Tiff Macklem said US tariffs could slash Canada's fourth-quarter growth to below 1%, reflecting a new wave of uncertainty that threatens to hit investment and hiring. Macklem said the bank had to take into consideration the fact that while slower growth could drag inflation downwards, the Middle East conflict could push it up as oil prices soar. The financials index, housing the country's biggest banks and insurers, was up 1.4%. Oil prices dipped to the psychological threshold of $100 a barrel as investors hoped for diplomatic progress on the Iran war at this week's UN meeting, and eyed a partial recovery in shipments from Saudi Arabia. O/R Heavyweight energy stocks fell 2.5%. The broader mining index fell 0.7%. Investors will also be on the lookout for retail sales data due later this week for cues on consumer spending amid increasing inflationary fears. (Reporting by Darshan Kumar and Avinash P in Bengaluru and Nivedita Balu in Toronto; Editing by Diti Pujara and Alistair Bell) ((darshan.kumar@thomsonreuters.com)