July 19 (Reuters) - Canada’s main stock index rose on Friday, buoyed by rising bets of a U.S. interest rate cut this month and gains in energy stocks due to higher crude prices.
* New York Fed President John Williams said on Thursday policymakers need to add stimulus early and cannot wait for economic disaster to hit, reviving expectations of a deeper rate cut in July.
* “There is further confirmation that the Fed will cut interest rates this month and perhaps by half a percent,” Spreadex analyst Connor Campbell said
* Also helping markets was a rise in crude prices as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, which pushed energy sector higher.
* The materials sector rose 1.4%, the most among all the major sectors trading higher, as copper mining companies rallied after prices of the metal hit a two-month high.
* At 9:48 a.m. ET (13:48 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 77.74 points, or 0.47%, at 16,571.97.
* The largest percentage gainers on the TSX were Hudbay Minerals Inc, up 8.1%, and First Quantum Minerals Ltd , up 6.6%.
* On the TSX, 185 issues were higher, while 43 issues declined for a 4.30-to-1 ratio favoring gainers, with 20.09 million shares traded.
* Data on Friday showed the value of Canadian retail trade unexpectedly dipped by 0.1% in May, the first decline in four months, as bad weather hit sales of food and drink, according to Statistics Canada data.
* Among decliners, cannabis company CannTrust Holdings Inc dropped 3.9%, the most on the TSX, followed by Turquoise Hill Resources Ltd, which fell 2.3%.
* The most-heavily traded shares by volume were B2gold Corp , Burcon NutraScience Corp and Yamana Gold Inc .
* The TSX posted 21 new 52-week highs and one new low.
* Across all Canadian issues, there were 51 new 52-week highs and six new lows, with total volume of 37.08 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Shinjini Ganguli)