CANADA STOCKS-Technology, financials boost TSX; Bausch + Lomb rise
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Algonquin Power & Utilities up after activist hedge fund reports stake
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Bausch + Lomb jumps after buying dry-eye drug from Novartis
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Tech, real estate among top gainers
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TSX up 0.6%
(Updated at 9:52 ET)
By Shashwat Chauhan
June 30 (Reuters) - Canada's main stock index rose on Friday, with technology leading the gains as risk appetite improved on the last day of the quarter, while Bausch + Lomb jumped after buying a dry-eye drug.
At 9:52 a.m. ET (1352 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 124.58 points, or 0.63%, at 20,037.75.
Bausch + Lomb rose 8% after the contact lens maker said it would purchase a dry-eye drug from Swiss pharma company Novartis for $1.75 billion.
The TSX is on track to post its best weekly performance in nearly eight months.
Still, the benchmark index eyes losses in the current three-month period, following two straight quarters of gains, pressured by volatility in commodity prices and surging global interest rates.
The Canadian economy was unchanged in April from March, missing forecasts, before likely rebounding with a 0.4% jump in real gross domestic product in May, data from Statistics Canada showed.
"This morning's economic data releases illustrate the continued resiliency of the North American economies and contrary to expectations of a looming recession, the economies continue to hold strong," said Brandon Michael, senior investment analyst at ABC Funds.
The materials sector, which houses Canada's major mining firms, gained 0.4%, tracking higher metal prices.
Heavyweight financials rose 0.7%, while technology added 1.3% as yields fell.
Wall Street also had a strong start to the day as signs of easing inflation offered relief to investors.
Canada's materials sector is the worst-hit so far this quarter, while consumer discretionary is the best performing.
Algonquin Power & Utilities Corp gained 0.6% after activist hedge fund Starboard Value LP in a filing reported a 5% stake in the company.
FirstService jumped 3.4% after brokerage BMO upgraded the real estate firm to "outperform" from "market perform". (Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Shilpi Majumdar)
