Toronto stocks ended higher Monday, as a surging energy sector and a strong showing in the technology group overshadowed a poor day in financials.

The S&P/TSX composite index finished up 63.85, or 0.61%, to 10,614.36.

The senior exchange reached triple-digit gains in intra-day trading, but levelled off as the market reacted to the skyrocketing price of oil.

Light sweet crude for September delivery closed at US$63.94 on the New York Mercantile Exchange, up $1.63, or 2.6%. During intraday trading, it had hit a high of US$64 a barrel.

Petro-Canada shares lifted $3.26, or 3.54%, to close $95.36, while Western Oil Sands gained gained $1.28, or 4.10%, to $32.50.

Six of the 10 TSX main sub-groups ended higher on the day. Energy shares gained 2.01%, while the IT sector lifted 2.99%. The heavily weighted financial group was off 0.69%

Volume was 263 million shares.

Telecom giant Nortel Networks Corp. posted a US$45 million profit for the second quarter, up from earnings of US$16 million a year ago. The shares gained 40¢, or 12.50%, to end $3.60 on heavy trading. Nortel gained US31¢ cents to close at US$2.96 in New York.

Bank of Montreal said it was selling Harrisdirect, its U.S.-based discount brokerage, to E-Trade Financial Corp. for $910 million. It shares dropped 6¢, or 0.15%, to close $41.29.

Aluminum giant Alcan Inc. said its second-quarter profit dropped to US$191 million, down from US$331 million a year earlier as the company was hurt by losses at non-core businesses that have been sold. Income from continuing operations dropped $77 million to US$208 million. Alcan gained $1.10, or 2.75%, to close at $41.10.

In economic news, Statistics Canada said municipalities issued more than $5.0 billion in building permits for the fourth time since the beginning of the year in June, in the wake of high construction intentions in both the residential and non-residential sectors. Overall, the value of permits rose 1.5% from May, the government agency said. Economists had forecast a gain of 2%.

The junior S&P/TSX Venture composite index finished up 7.18, or 0.39%, to close 1,839.29

In New York, crude oil prices dampened investor enthusiasm.

The Dow Jones Industrial Average closed down 21 points at 10,536, its lowest close in one month. The Nasdaq composite fell 13.52 points to 2,164. The S&P 500 closed down 3.29 points at 1,223.13.

A reported deal involving Cisco Systems purchasing Finnish handset maker Nokia was reported by British newspaper The Business. Cisco lost 4¢ to US$19.25; Nokia rose 14¢ to US$16.08.