TSX ends up 177.16 points, kolaybet or nearly 1%, at 18,798.18

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Posts its highest closing level since Oct.6

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Industrials sector rises 1.8%

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Iamgold shares jump 18.4%

By Fergal Smith

TORONTO, Oct 18 (Reuters) – Canada’s main stock index rose on Tuesday to its highest closing level in nearly two weeks, helped by gains for industrial and kolaybet technology shares, as investors grew more hopeful that inflation pressures have peaked.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 177.16 points, or nearly 1%, at 18,798.18, its highest closing level since Oct.6.

U.S. stocks also rallied, as solid quarterly results dampened worries of a dismal earnings season that has begun to pick up steam.

The market has started «to see signs that we’re at the peak of inflation,» said Philip Petursson, kolaybet chief investment strategist at IG Wealth Management.»That means we’re probably at the peak of (interest) rates.»

Stock markets globally were hammered last month as investors bet that central banks would need to raise interest rates to a higher end-point than previously thought to subdue inflation.

«The somewhat depressed levels of the market through September … has resulted in what could be the formation of a bottom for equities in general, including the TSX,» Petursson said.

Canadian bond yields eased ahead of domestic inflation data on Wednesday that could offer clues on the Bank of Canada policy outlook.

The Toronto market’s industrials sector rose 1.8%, while technology advanced 1.4% and heavily-weighted financials ended nearly 1% higher.

Iamgold Corp shares added 18.4%, leading gains on the TSX, after the company agreed to sell a stake in the Rosebel Gold Mines unit to China’s Zijin Mining for about $401 million.

The energy sector was a drag, falling 0.4%, as oil prices settled 3.1% lower at $82.82 a barrel on worries of higher U.S.supply combined with an economic slowdown and lower Chinese fuel demand. (Reporting by Fergal Smith; Additional Reporting by Shashwat Chauhan and kolaybet Amruta Khandekar in Bengaluru; Editing by David Gregorio)