CANADA STOCKS-TSX posts longest daily winning streak in four months as tech rallies

TORONTO, Aug. 13 (Reuters) - Canada's main stock index rose to another record high on Thursday, led by technology shares, as investors weighed softer-than-expected U.S. inflation data and recent signs of improvement in the domestic economy.

The S&P/TSX Composite Index (.GSPTSE) ended up 97.15 points, or 0.3%, at 36,759.29, surpassing Wednesday's record closing high. It was the fifth straight day of gains for the index, marking the longest daily winning streak since April.

• "It's undeniable that Canada has lots of potential and upside," said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel. "So, generally we are very excited about Canadian equity allocations and the economy as a whole."
• Recent strong jobs data has added to evidence of a rebound in Canada's economy after it was held back by trade uncertainty at the start of the year.
• A Canadian government source directly familiar with trade negotiations with the United States said talks were progressing well and Washington also wanted an agreement before a new U.S. tariff deadline on August 19.
• U.S. stocks also rose as tame producer price inflation data supported expectations the Federal Reserve will not raise interest rates at its September meeting.
• "What's been working really well for Canada are the things that the world wants from us," Kuntzevitsky said. "That's energy, that's metals, materials. Our financial industry has been doing remarkably well and has a lot of potential to implement the cost savings of AI."
• Heavily weighted financials (.SPTTFS) added 0.5%, while technology (.SPTTTK) was up 3.1% and energy (.SPTTEN) ended 0.8% higher.
• The price of U.S. oil (CLc1) settled 2.4% lower at $81.25 a barrel, reversing course after a week of gains.
• Bird Construction (BDT.TO) was a standout. Its shares rose 11.4% after the company's quarterly profit beat estimates.