Concern that oil prices would rise in wake of the weekend attack on workers in the Saudi Arabian oil industry pushed energy stocks higher today, fuelling the market as a whole. Overall the S&P/TSX composite Index rose 70.24 to 8,417.32.

U.S. and British markets were closed for public holidays, leaving Canadian traders on their own.

Following the weekend attack, energy stocks rose on speculation of higher oil prices, once commodities markets re-open tomorrow. Shares of Talisman Energy gained 93¢ to $27.81. Canadian Natural Resources added $1.34 to $36.84.

Technology stocks also gained strength today. Nortel Networks gained 8¢ to $5.24. Creo added 20¢ to $11.20 and Research In Motion surged $2.44 to $84.21.

Investors also got a boost from a Statistics Canada report our gross domestic product shot up 0.7% in March after a flat January and February. Analysts said they doubted this will translate into an interest rate hike by the Bank of Canada in the short term, but perhpas by yearend.

StatsCan says renewed consumer spending and a pickup in the growth of business investment pushed domestic demand to 1.2%, twice the pace of the fourth quarter of 2003. The first quarter GDP rose 0.6%.

The TSX Venture Exchange climbed slightly, up 7.89 to 1,609.99.

European stocks edged higher today on light trading, despite increased concern over the attack in Saudi Arabia’s oil industry. By the close of the trading day in Europe, Paris’s CAC-40 Index was 0.48% higher at 3669. Frankfurt’s Xetra Dax Index rose 0.60% at 3921.