Toronto stocks closed higher on Friday after Nortel Networks said its fourth-quarter loss would be lower than expected.

The TSE 300 composite index gained 73.30 points to7,528.30.

Overall, 11 of the TSE 300’s 14 sub-indexes posted gains. They were led by the tech-heavy industrial products. Which closed up 4%.

Nortel shares soared10% after the company said it expects to post a pro forma loss per share from continuing operations of 16¢, a smaller loss than that of the previous quarter.

The stock the most heavily traded issue, with volume exceeding 24 million shares. Nortel gained $1.10 to close at $11.25.

Bombardier shares rose 1¢ to $15.21. The rail equipment maker signed multiple rail contracts in Germany and Switzerland worth about $316 million.

Bank stocks dipped slightly. Bank of Nova Scotia saw its shares fall $1.30 to C$48.40. The bank, which has operations in Argentina, is feeling the heat as that country teeters on the brink of default.

Venture capital stocks also posted gains today. The S&P/CDNX Composite Index closed up 14.54 points at 993.03. Trading was very heavy on a volume of 57.8 million shares, with 284 advances, 247 declines.

In New York, the Santa Claus rally exhibited little strength. The Dow Jones Industrial Average rose 2.3% during the week, while the benchmark S&P 500 tacked on 2%.

The tech-heavy Nasdaq was flat for the week but closed Friday at 1945.78, up 27.24 points, or 1.42%. The Dow closed at 10,035.34, up 50.16 points The S&P 500 closed up 4.96 points, at 1,144.89.