Rising gold prices helped lift Toronto stocks this afternoon. Although the TSE 300 opened flat, by the end of the session it had gained 41.14 points to close at 7,695.30.
Performance among the TSE’s 14 sub-indices was the reverse of yesterday, only four groups posted declines.
There was plenty of upside action among the gold sub-index, which posted a gain of 4.8%, in lock step with rising commodity prices. Financial services and metals and minerals each posted gains above 1%. All other gains and losses were minor.
Volume on the TSE was 122 million shares. Market breadth was negative with decliners outpacing advancers 519 to 472, and 241 issues closing unchanged.
Among individual issues, investors punished Nortel Networks early in the session over its plan to raise about US$1 billion by issuing some junky debt. But the day’s top trader managed to finish the day unchanged at $11.68. Volume was over 18.5 million shares.
Number two on the list of most actives was C-Mac Industries. It closed up more than 16% on volume of over 14 million shares, thanks to its proposed US$2.7 billion takeover by Solectron. The stock gained $5.80 to close at $40.60.
Among the golds, Barrick Gold advanced more than 5%, adding $1.28 to $24.68. Placer Dome jumped $1.06 to $16.90.
Bank of Montreal gained 95¢ to close at $41.55, but Manulife Financial dipped again today, shedding 5¢ to $47.05.
It was another disappointing session on the CDNX. The index closed down 3.64 at 3,083.97. Volume was 29.3 million shares, while advancers edged out decliners 165 to 164, with 523 issues closing unchanged.
On Wall Street, stocks rebounded in the afternoon, advancing from opening lows to close flat. Gold and utility issues were the big winners. Shares of natural gas, oil and oil service companies also lifted nicely.
The Dow Jones industrial average closed up 5.06 points at 10,298.56. The S&P 500 dipped less than one point to 1,183.43.
The Nasdaq composite index dipped 3.04 points to 1,963.32, as Internet, technology and hardware issues posted declines.