* TSX up 0.3%

* IAMGOLD up after PT raise from Scotiabank

* Transcontinental top gainer after quarterly results

June 6 (Reuters) - Canada's main stock index rose on Thursday, led by a surge in energy shares tracking higher oil prices, while weak U.S. labour market data raised hopes of interest rate cuts by the Federal Reserve.

At 10:20 a.m. ET (14:20 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 59.96 points, or 0.27%, at 22,204.98.

The energy sector, which had weighed on the overall index earlier this week, rose 0.8% after oil prices extended gains amid growing expectations of a rate cut in the United States.

Materials shares were up 0.6% as gold hit a two-week high and copper prices rebounded on expectations that weak U.S. data would also strengthen bets for rate cuts across the border.

Healthcare and technology shares, on the other hand, traded in the red, down 0.6% and 0.1%, respectively.

Canadian stocks and bonds had rallied on Wednesday after the Bank of Canada became the first central bank among G7 countries to cut interest rates, raising prospects for Canada's economy.

"We expect the Bank of Canada to make two additional 25 basis point (bps) cuts to the policy rate in 2024, bringing the monetary policy rate down to 4.25% by the end of 2024," said cross-asset macro strategists at Rabobank in a note.

Meanwhile, data showed the number of Americans filing new claims for unemployment benefits increased last week and unit labour costs rose less than previously thought in the first quarter, indicating the labour market is cooling.

U.S. benchmark index S&P 500 was little changed after jobless claims data came out, while AI-favourite Nvidia fell after hitting $3 trillion in market value in the previous session.

Among individual movers, Transcontinental rose 6.4% despite the packaging firm reporting a drop in net earnings in the second quarter.

Gold producer IAMGOLD Corp climbed 3.6% after Scotiabank raised target price on the stock to $4.5 from $4.25. (Reporting by Shubham Batra in Bengaluru; Editing by Shreya Biswas)