The TSX gained as US economic data bolstered tech shares

A signboard showing stock information for the Toronto Stock Exchange (TSX) is seen in Toronto on June 23, 2014. REUTERS/Mark Blinch/File Photo

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  • The TSX ended up 40.61 points, or 0.2%, at 19,545.94.
  • Technology rally 4.6 with Shopify increased by 10.8%
  • Financials end up 1.2% higher
  • When the price of fuel decreases, the amount of energy will decrease by 4.2%

TORONTO, Aug 3 (Reuters) – Canada’s main stock index rose on Wednesday, after gains in technology and financial stocks boosted U.S. economic data, but lower oil prices limited gains compared to energy stocks.

The Toronto Stock Exchange’s S&P/TSX Composite Index (.GSPTSE) was up 40.61 points, or 0.2%, at 19,545.94, reversing the previous day’s decline as geopolitical tensions gripped financial markets.

Wall Street finished higher, helped by strong profit forecasts from some companies and data from the U.S. services sector that suggested the economy is not in recession, despite a slowdown in output contraction in the first half of the year. Read more

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The technology sector on the Toronto market was boosted by a 10.8% jump as shares of e-commerce giant Shopify Inc ( SHOP.TO ) rose 4.6%, while top-weighted financials rose 1.2%.

Energy prices fell 4.2 percent as fuel prices fell. U.S. crude oil futures were down 4 percent at $90.66 last week after crude oil and gas inventories rose unexpectedly last week and OPEC+ said it would increase oil production by 100,000 barrels a day. Read more

The materials group, including precious and base metal miners and fertilizer companies, lost 1.3 percent as copper prices fell.

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Reporting by Fergal Smith; Additional reporting by Shreyashi Sanyal and Johann M. Cherian in Bengaluru; Editing by Will Dunham

Our standards: The Thomson Reuters Trust Principles.

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