Toronto stocks closed moderately higher Wednesday, lifted by gains in gold and financial services stocks

The TSE 300 composite index added 46.07 points to close at 7,577.70.

Eleven of the TSE’s 14 sub-indices closed higher led by the golds up. 2.2%. Pipelines, financial services, utilities and the media sub-index each gained at least 1%.

C.I. Fund Management was the day’s most active stock, with over 47 million shares changing hands. The stock gained 8¢ to $12.58. Tax planning trades by mutual funds typically account for these huge volume moves in December.

Nortel Networks fell 23¢to $13.14, while Bombardier rose 44¢ to $15.45.

Bell Canada International plunged 25% to close at $1.34, down 47¢. Parent BCE said it would put its money-losing subsidiary up for sale. BCE shares rose 87¢ to $35.53.

Among financial services stocks, Investors Group added 45% to $25.30, while Bank of Nova Scotia gained 35¢ to $49.25.

Gold stocks were led by a 55¢ jump in American Barrick, which closed at $24.45. Placer Dome rose 33¢ to 16.84.

Market momentum was positive with advances surpassing declines 597 to 511. Market volume was heavy thanks to C.I., with over 230 million shares changing hands.

Trading was heavy today on the CDNX. More than 35 million shares changed hands with 221 advances, and 239 declines. The S&P/CDNX Composite Index closed up less than one point at 997.10

On Wall Street, blue-chips and tech stocks rallied towards the close to finish higher. Investors had to digest profit warnings from Merck and American Express, in conjunction with news that Proctor & Gamble says its second-quarter sales and earnings will beat estimates.

The Dow Jones industrial average added 6.44 points to 9,894.81. The Nasdaq composite gained 9.46 points to 2,011.39, and the S&P 500 was up less than a point to 1,137.07.