• TSX ends up 0.3% at 23,348.97
• Moves past Friday's record closing high
• Energy rallies 1.6%; oil settles up 3.5%
• Technology falls 0.6%

Aug 26 (Reuters) - Canada's main stock rose to an all-time high on Monday as a jump in oil prices boosted energy shares, and ahead of quarterly earnings this week from five of Canada's six major banks.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 62.89 points, or 0.3%, at 23,348.97.

It eclipsed the record closing high posted on Friday when Federal Reserve Chair Jerome Powell endorsed the start of U.S. interest rate cuts.

"It seems like more of a rotation toward commodities and out of some of the technology areas and that's good for the TSX," said Greg Taylor, a portfolio manager at Purpose Investments.

The energy sector climbed 1.6% as the price of oil settled 3.5% higher at $77.42 a barrel, with production cuts in Libya adding to supply concerns. The materials group, which includes metal miners and fertilizer companies, was up 0.2%.

"The rest of the market is just waiting for the banks," Taylor said.

Bank of Nova Scotia (BNS.TO) , opens new tab and Bank of Montreal (BMO.TO) , opens new tab are due to report on Tuesday, followed by Royal Bank of Canada (RY.TO) , opens new tab and National Bank of Canada (NA.TO) , opens new tab on Wednesday and Canadian Imperial Bank of Commerce on Thursday.

Last Thursday, Toronto-Dominion Bank (TD.TO) , opens new tab reported its first loss in over two decades after setting aside an extra $2.6 billion to cover expected fines from U.S. regulators.

Just two of 10 major sectors posted declines, including technology, which fell 0.6% in sympathy with declines for U.S. tech stocks.

A decision obliging more than 9,000 Canadian rail workers to stay on the job is a win for the railways and could impact bargaining in other federally regulated sectors like aviation, the head of a Canadian rail workers' union told Reuters.

Shares of Canadian National Railway Co (CNR.TO) , opens new tab and Canadian Pacific Kansas City Ltd (CP.TO) , opens new tab both ended higher. Air Canada (AC.TO) , opens new tab added 0.5%.

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https://www.reuters.com/markets/tsx-futures-edge-up-higher-commodity-prices-2024-08-26/