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TSX up 0.1%

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Materials falls as copper nears three-month low

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Tenaz Energy to acquire Dutch NAM's offshore assets

(Updated at 10:39 a.m. ET/ 1239 GMT)

By Nikhil Sharma

July 18 (Reuters) -

Canada's main stock index on Thursday rebounded slightly from the prior session's selloff, as gains in telecom shares countered losses in the materials sector.

At 10:39 a.m. ET (1439 GMT), the S&P/TSX composite index was up 0.08% at 22,869.26 points.

Wall Street indexes also stabilized as data showed the number of Americans filing new applications for unemployment benefits rose more than expected last week, supporting bets for U.S. interest-rate cuts this year.

Meanwhile, soft inflation numbers in Canada, higher unemployment in June and GDP figures for April have all added to the expectation of the Bank of Canada cutting its rates at the policy meeting next week.

Market participants are expecting an 87% chance of a 25-basis point rate cut by the Canadian central bank on July 24.

"The BoC does have a tendency to surprise every now and again, but this time around we believe that the Bank of Canada will align with the market with regards to rate cut expectations," said Shailesh Kshatriya, director of Canadian strategies at Russell Investments Canada.

Telecom shares rose 0.7% to lead sectoral gains on the Toronto Stock Exchange, followed by the real estate and financial sectors.

On the flip side, the materials sector dropped 1% to the bottom of the index as copper prices declined.

Among individual stocks, Tenaz Energy shares jumped nearly 33% after the energy company signed an agreement to acquire all issued and outstanding shares of NAM Offshore B.V. for $180.33 million. (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)

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