Toronto stocks ended higher after late surge in the information technology sector took the market out of negative territory. The S&P/TSX composite index rose 20.79 points, or 0.22%, to end at 9,392.68.

Volume was heavy with 334 million shares changing hands.

Seven of the 10 TSX mains groups closed higher, led by a 1.6% jump in consumer staples and a 1.43% rise in information technology issues.

Among tech stocks, Cognos moved up $1.88 to $54.95, ATI Technologies was ahead 50¢ to $22.00 and Nortel advanced 10¢at $4.02.

Gold and base metals stocks weighed on the market. The materials group slipped 0.72%.

Shares in Alcan dropped a $1.26, or 2.58%, to 47.49 after the aluminum giant posted a fourth-quarter loss of US$538 million, due to one-time charges of US$346 million related to the acquisition of Europe’s Pechiney group.

Among gold stocks, Goldcorp board of directors has rejected a sweetened takeover bid from U.S.-based Glamis Gold and is offering Goldcorp shareholders a special cash payment if a rival $2.4 billion merger with Vancouver’s Wheaton River Minerals succeeds.

Goldcorp shares closed at $16.86, down 2¢. Glamis stock rose 19¢ to $20.00, while Wheaton shares slipped 2¢ to $3.88.

The heavily weighted financial services group advanced 0.23%.

Sun Life common shares closed up 18¢, or 0.44%, at $40.94.
The insurer announced a domestic public offering of preferred shares in an effort to drum up $300 million.

The junior S&P/TSX Venture composite index slid 10.49 points, 0.58%, to end at 1,812.67.

In New York, U.S. stocks nudged ended slightly higher as gains in semiconductor shares helped support the tech-dominated Nasdaq.

After the closing bell, tech bellwether Cisco Systems fell more than 2% to US$17.74. The company said quarterly earnings rose, benefiting from higher sales, but revenue was less than Wall Street expected.

Semiconductor stocks advanced after SG Cowen & Co. said in a note that inventory concerns in the sector were fading fast.

The blue-chip Dow Jones industrial average was up 8.87 points, or 0.08% to close at 10,724.63. The S&P 500 advanced 0.58 of a point, or 0.05%, to end at 1,202.30. The tech-heavy Nasdaq composite index was up 4.65 points, or 0.22%, to close at 2,086.68.