May 10 (Reuters) - Canada's main stock index hit a record high on Friday, boosted by healthcare stocks amid a broader rally, as the index was poised to end the week higher on renewed interest rate cut optimism.
At 9:59 a.m. ET (13:59 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab was up 62.5 points, or 0.28%, at 22,438.33.
The index saw broader gains, with nine out of eleven sectors trading in the green.
Materials shares (.GSPTTMT), opens new tab gained 0.9%, pulled up by miners like IAMGOLD Corp (IMG.TO), opens new tab that rose 6.5% as gold prices traded at over two-week highs.
Healthcare shares (.GSPTTHC), opens new tab rose 1.5% pulled up by a 3.8% rise in seniors' living provider Sienna Senior Living (SIA.TO), opens new tab following its first-quarter results.
"Sentiment has been positive over the last week, as there's renewed optimism for a rate cuts prior to the end of the year, on strong economic news globally and weaker U.S. jobs numbers," said Wes Ashton, senior portfolio manager at Harbourfront Wealth.
Data on Thursday showed that the number of Americans filing new claims for unemployment benefits increased more than expected last week.
Meanwhile, Canada's economy added five times the number of jobs forecast for April, but wages grew at the slowest pace in 10 months, data showed on Friday.
"Labour markets have softened enough to lower inflation risks and justify a pivot to interest rate cuts from the Bank of Canada, but it still hasn't fallen out in a way that is forcing the central bank to act urgently," said economists at the Royal Bank of Canada in a note.
Enbridge (ENB.TO), opens new tab gained 1.3% after it beat market estimates for first-quarter profit.
Life insurer Sun Life Financial (SLF.TO), opens new tab fell 5% after it missed core profit estimates for the first time in 12 quarters.
Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar
