Toronto stocks closed higher Thursday as a surging technology sector pushed the S&P/TSX composite index up 44.24 points to 6,525.68. For the holiday-shortened week, the TSX benchmark rose 1.5%.

Stock markets will be closed on Friday.

Toronto volume was light at 174.8 million shares worth $1.84 billion, as many booked out early for the Easter holiday weekend. Overall, TSX advances beat declines 614 to 438 with 225 unchanged.

North American markets began to rally around midday when the Federal Reserve Bank of Philadelphia’s survey of business conditions suggested new orders did not fall as a result of the Iraqi war.

In Toronto, the information technology sector climbed 1.97%, helped by a strong sales outlook from Finnish bellwether Nokia.

ATI Technologies Inc. rose 37¢ to $8.92, while Sierra Wireless Inc. added 35¢ to $5.75.

Celestica gained 5¢ to $15.35 and Nortel Networks moved up 9¢ to $3.49.

Corporate earnings reports also drove the trading session. Rogers Communications jumped $1.48, or 9%, to $17.99, after it posted a surprise first-quarter profit, driven by a stronger Canadian dollar and double-digit revenue growth at its cable, wireless and media arms.

The company’s partly owned Rogers Wireless Communications climbed $1.19 $18.19 after also reporting an unexpected first-quarter profit.

Falconbridge shares gained 31¢ to $16.01 after its first-quarter profit more than doubled to $60.5 million thanks to higher copper and nickel prices.

Fairmont Hotels & Resorts reported a quarterly profit of $12.5 million, down slightly from $13.6 million a year ago. Fairmont shares were down 12¢ $32.34.

Strength also came from the energy sector as the price of oil moved back above US$30 a barrel, gaining US$1.37 to US$30.55 in New York. EnCana rose 68¢ to $46.88.

The TSX Venture Exchange moved ahead 9.57 points to 1,046.17.


In New York, the Dow Jones industrial average was up 80.04 at 8,337.65, rising 1.6% on the week.

The Nasdaq composite index moved ahead 30.78 points to 1,425.50. The tech-heavy index rose 4.9% on the week.

The S&P 500 index ended the week up 13.68 at 893.59.

The Canadian dollar gained 0.11 of cent to US68.88¢.