CANADA STOCKS-TSX ends higher as technology and financial shares climb

By Fergal Smith

July 16 (Reuters) - Canada's main stock index rose on Wednesday, with the financial and technology sectors posting gains as investors shrugged off increased uncertainty about the leadership of the Federal Reserve.

The S&P/TSX composite index .GSPTSE ended up 98.83 points, or 0.4%, at 27,152.97, moving closer to the record closing high it posted on Tuesday.

Wall Street benchmarks also ended higher despite a chaotic half hour when news reports suggested U.S. President Donald Trump was set to fire Fed Chair Jerome Powell.

"Markets, as they always do, they look forward six to 12 months," said Stan Wong, a portfolio manager at Scotia Wealth Management.

"In Canada, the market has rebounded from its worst fears of what the economy would look like which would be a tremendous amount of trade and tariff uncertainty. We've gotten a little bit more color and more clarity around that."

Prime Minister Mark Carney said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.

"Compared to the U.S., valuations remain compelling in Canada and if (interest) rates move lower then the dividend yields, which are higher in Canada, will be a big draw for investors," Wong said.

The Canadian 10-year yield CA10YT=RR eased 3.3 basis points to 3.578%, pulling back a one-year high the day before.

Technology .SPTTTK rose 1.6%, with shares of e-commerce company Shopify Inc SHOP.TO ending nearly 4% higher.

Heavily weighted financials .SPTTFS were up 0.9% but energy .SPTTEN was a drag, falling 1.1% as the price of oil CLc1 settled 0.2% lower at $66.38 a barrel.

Giant shovels, driverless trucks and a dog-like robot have all helped Canada's oil sands companies become some of North America's lowest-cost oil producers.

The materials group .GSPTTMT, which includes metal mining shares, lost 0.6% as copper HGc1 prices fell.

Cogeco Communications CCA.TO missed estimates for quarterly revenue. The telecommunications company's shares ended 8.5% lower.