Nortel, financial services power TSE higher

Over 149.5 million shares traded over the day , but the action was mixed. Overall, 604 issues declined while only 486 advanced. The strength in techs and financials was offset by losses in the gold, oil, metals and conglomerate sectors.

Of the 14 subindices, eight finished higher. Industrial products led the way with a 2.5% gain. Financial service came away with a 2.11% gain.

Much of the gain in the industrial products sector was of course due to Nortel, which was up $3.40 on the day to close at $104.50. JDS Uniphase was up a $12.55 to close at $159.00.

724Soltuons was up on news of its inclusion in the TSE 300 and the S&P/TSE Canadian MidCap index. It rose $4.40 to $80.75 on the news.

Bank of Nova Scotia was one of the reasons financial services did so well today. Stock in the bank was up $2.30 to $44.50, a single day gain of 5.45%. Other big performers were, TD, which gained 2.49%, Bank of Montreal, which gained 3.17% and Sun Life Financial which gained 3.90%.

Industrial-Alliance Life Insurance Company was down $1.50, even though it is due to be included in the TSE 300, 200 and S&P/TSE MidCap index at the close of trading today. The insurer entered the TSE in February 2000 following its demutualization. It has since risen to $32 from an IPO price of $15.75.

BCE was up another 25¢ today in the wake of its “convergence” play with Thomson.

Nelvana was up 2.10% following the announcement by Corus that it would pay $540 million for the animation house.

The metals and minerals sub-index was down 2.52%, gold was down 1%. Traders seemed to be cashing in some of the profits realised in the oil sector which has been up dramatically over the last few months, it dropped 2% today.

Gulf Canada was pone of those oil and gas stocks taking a dip today. It finished down 3.51%.

The CDNX finished up 7.62 points today at 3,654.28 on volume of 52 million shares. Overall 306 issues declined while 294 advanced.

The loonie finished the day slightly higher at US67.43¢ compared to its close yesterday of US67.12¢

In the U.S., The Nasdaq composite made up some lost ground today as investors flooded into the tech sector again, particularly semiconductor issues . It ended the day up 139 points at 3,865.

The Dow lost 19.23 points today as investors are beginning to get nervous about third quarter earnings. Alcoa, a stalwart old economy stock in the Dow announced that it will release earnings below expectations. The S&P 500 gained 15.39 points to finish the day at 1,459.90.