CANADA STOCKS-Miners lift Toronto market to new record high

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TSX gains 0.9% to post a record high at 22,107.08

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Materials sector climbs 2.8% as gold rises

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Alamos Gold to buy smaller peer Argonaut for $325 mln

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First Quantum discusses investment with Chinese officials

(Updates at market close)

By Fergal Smith

March 27 (Reuters) - Canada's main stock index rose on Wednesday to a new all-time high, benefiting from investors adding more shares in mining and financial companies to their portfolios near the end of the quarter.

The Toronto Stock Exchange's S&P/TSX composite index ended up 194.56 points, or 0.9%, at 22,107.08, eclipsing the record closing high it posted last Thursday at 22,087.26.

The index is on track to advance 5.5% in the first quarter ending on March 31, adding to a gain of 7.25% in the previous quarter, as investors grow more optimistic of a soft landing for the economy that could particularly help cyclical stocks.

"The TSX is benefiting from continued renewed interest in the commodity sectors," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

"The sector rotation is going Canada's way. ... We've seen a general strengthening in banking stocks which is also good for Canada."

Together, the financial, energy and materials sectors account for 60% of the Toronto market's weighting.

The materials sector, which includes precious and base metals miners and fertilizer companies, climbed 2.8% as the price of gold rose.

Alamos Gold was up 6.9% after the company said it would acquire Argonaut Gold for $325 million in an all-stock deal.

First Quantum Minerals was also a standout. Its shares gained 6.8% after Reuters reported executives from the miner met with Chinese government officials last week to discuss funding and business options involving top investor Jiangxi Copper.

Financials added 0.8% and energy was up 0.6%. The price of oil settled 0.3% lower at $81.35 a barrel, but was trading not far from its highest level since October, which it touched last week. (Reporting by Fergal Smith in Toronto and Johann M Cherian in Bengaluru; Editing by Shilpi Majumdar and Jamie Freed)