* TSX ends up 0.2% at 22,087.26

* Eclipses March 2022 record closing high

* Financials advance 0.6%

* Alimentation Couche-Tard drops on earnings miss

March 21 (Reuters) - Canada's main stock index rose to a record high closing level on Thursday, helped by gains for heavily-weighted financial shares, as investors cheered recent signs that inflation is cooling and the economy is avoiding a recession.

The Toronto Stock Exchange's S&P/TSX composite index ended up 41.55 points, or 0.2%, at 22,087.26, squeaking past the previous record closing high of 22,087.22 that was set in March 2022.

"The overall data in North America shows that we will probably avert a recession which is what most investors feared in the better part of last year," said Stan Wong, portfolio manager at Scotia Wealth Management.

"More data that supports a soft landing in the economy and therefore more certainty of some rate cuts coming from the central banks this year ... that's helping the markets."

Bank of Canada Deputy Governor Toni Gravelle said February's inflation figures were "very encouraging", adding the central bank would look at a broader set of data before its next interest rate announcement on April 10.

Money markets expect both the Bank of Canada and the Federal Reserve to cut three times by the end of the year.

"We are seeing a nice broadening participation in all types of sectors, beyond just technology, in the last three months," Wong said.

The Toronto market has a heavy concentration in sectors that are sensitive to the economic outlook, such as resource shares, that have benefited from the recent rally in commodity prices, as well as industrials and financials.

Financials, which account for 29% of the Toronto market, rose 0.6%, while real estate and utilities, two sectors that could particularly benefit from lower borrowing costs, also posted gains.

Shares of Alimentation Couche-Tard were a drag, falling 4.2% after the multinational operator of convenience stores missed earnings expectations. (Reporting by Fergal Smith in Toronto and Shubham Batra in Bengaluru; Editing by Vijay Kishore and Daniel Wallis)