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TSX ends up 0.05% at 25,691.8

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Eclipses Thursday's record closing high

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Technology adds 1.78%

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Energy falls 2%

(Updates at market close)

By Fergal Smith

Dec 6 (Reuters) - Canada's main stock index rose to a

new record high on Friday, led by technology shares, as bond

yields fell in anticipation of another outsized interest rate

cut from the Bank of Canada.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 11.76 points, or 0.05%, at 25,691.8, moving

past the record closing high it posted on Thursday.

For the week, the index was up 0.22%, its fifth straight

weekly advance.

Investors assessed U.S. and Canadian employment data for

November. Canada's unemployment rate rose to 6.8%, a

near-eight-year high outside of the pandemic era, while U.S. job

growth surged after being severely hindered by hurricanes and

strikes.

"Even though we're getting some vibes of recession in

Canada, the U.S. jobs number was very robust and the Canadian

number is a worry for another day," said Barry Schwartz, chief

investment officer at Baskin Wealth Management. "Rate cuts at

least make stocks look that more attractive."

Investors raised bets on a half-percentage-point interest

rate cut from the BoC on Dec. 11 after the bank cut by that

magnitude in October, while the Canadian 10-year yield

touched its lowest level in two months at 2.978%.

Lower long-term rates increase the value to investors of the

future cash flows that companies in high-growth sectors such as

technology are expected to produce.

The technology index rose 1.78%, with shares of

e-commerce company Shopify Inc ( SHOP ) up 4.67%.

Shares of Bank of Montreal ( BERZ ) were up 4.72% after

Scotiabank raised its target price on the stock. Heavily

weighted financials ended up 0.39%.

BRP Inc ( DOOO ) was a standout. Its shares rose 6.9% after

the power sports products company reported third-quarter

earnings that beat estimates.

Declines for energy, however, helped limit the TSX's

advance. The sector fell 2% as fear of a supply glut

weighed on oil prices.