CANADA STOCKS-TSX set for biggest weekly gain in 11 months; earnings, fed revamp in focus

By Twesha Dikshit

Aug 8 (Reuters) - Canada's main stock index inched up on Friday and was on track for its largest weekly gain in 11 months as investors evaluated corporate results, while U.S. President Donald Trump's Federal Reserve revamp fueled hopes for rate cuts.

The S&P/TSX composite index .GSPTSE rose 0.2% to 27,816.03 points by 09:55 a.m. ET (1455 GMT), after posting record highs this week.

"The TSX has been benefiting this week from a generally positive response to earnings that have been coming out in Canada. Shopify was one of the biggest weighted stocks in Canada and it went up 20% a couple of days ago so that alone boosted the Canadian market," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Gold mining stocks .SPTTGD gained on Friday, with miners Lundin Gold LUG.TO and Sandstorm Gold SSL.TO rising 7.5% and 2.3%, respectively.

Among individual stocks, OpenText OTEX.TO gained 7.8% after the software company's fourth-quarter revenue beat expectations.

Energy Fuels' EFR.TO shares jumped 7.4% and were among the top gainers after second-quarter results.

Conversely, Sun Life Financial SLF.TO dropped 7.7% and was the top laggard on the index despite posting a rise in second-quarter profit on Thursday.

Meanwhile, data showed that the Canadian economy shed thousands of jobs in July, while the unemployment rate remained steady at 6.9%.

"We had a job decline in Canada which, combined with the disappointing U.S. numbers from last week, suggests the North American employment market is slowing and that the economy itself might be starting to slow," Cieszynski added.

Trump's nomination of Council of Economic Advisers Chairman Stephen Miran to serve the final months of a newly vacant seat fueled hopes for a more dovish policy ahead.

The White House is seeking a permanent addition to the governing board as well as a new Fed Chair to replace Jerome Powell after his term ends in May 2026.