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CANADA STOCKS-Soft-landing hopes help TSX add to November rally

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TSX ends up 0.4% at 20,116.2

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Financials rally 1.2%

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Energy adds 0.8%; oil settles 1.9% higher

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First Quantum Minerals falls 10.1%

(Adds strategist quotes)

By Shashwat Chauhan and Fergal Smith

Nov 29 (Reuters) - Canada's main stock index rose on Wednesday, led by financial and energy shares, as investors grew more optimistic that the Federal Reserve will succeed in cooling inflation without derailing the economy.

The Toronto Stock Exchange's S&P/TSX composite index ended up 79.43 points, or 0.4%, at 20,116.2, adding to its strong gains since the start of the month. It was headed for a gain of 6.6% in November.

"I think it's been a macro story," said Dominique Lapointe, director, macro strategy, for Manulife Investment Management.

Recent U.S. gross domestic product and inflation data as well as comments from Federal Reserve officials have raised prospects of a soft landing for the economy, Lapointe said.

The U.S. economy grew at an annualized pace of 5.2% in the third quarter, faster than initially thought, as businesses built more warehouses and accumulated machinery equipment.

Heavily weighted financials rebounded, rising 1.2%, after the sector was pressured on Tuesday by downbeat bank earnings.

The sector faces challenges, including a slowdown in the Canadian economy and higher credit loss provisions, but over a one-year horizon, it could benefit if bond yields fall, said Lapointe, adding "the market is front-running that at the moment."

Energy advanced 0.8% as the price of oil settled 1.9% higher at $77.86 a barrel ahead of an OPEC+ meeting to decide on output policy.

First Quantum Minerals extended its recent decline, falling 10.1%, as a top official of the miner said it is too early and likely too challenging to consider bringing a new partner into its flagship Panama project due to the situation in the country. (Reporting by Fergal Smith in Toronto and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai and Lisa Shumaker)

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