Toronto stocks are up sharply at midday gaining a lift from rising technology and energy issues. The S&P/TSX composite index has soared 139.56 points, or 1.67%, to 8,508.18.

Toronto volume is light at 89.8 million shares.

All of the TSX index’s groups are higher, led by a 2.22% hike in the technology group and a 1.95% climb in energy stocks. The heavily weighted financial group is up 1.53%.

Energy stocks are higher on the back of rising oil prices, as Hurricane Ivan approached the Gulf of Mexico and threatened to disrupt oil facilities where a quarter of U.S. oil and gas is produced. U.S. light crude is up US99¢ to US$43.80 a barrel.


Petro-Canada is up $1.15, or 1.87%, to $62.60, while EnCana is ahead $1.49, or 2.79%, to $54.95.

Among technology issues Nortel Networks is up gained 21¢, or 3.9%, to $5.32 and ATI Technologies has risen 64¢, or 3.21%, to $20.55.

Shares in Rogers Communications Inc. are up $1.19, or 5%, to $24.73, after the company said Monday it will pay $1.77 billion cash to buy the 34% stake in Rogers Wireless owned by long-time American partner, AT&T Wireless Services Inc.. Rogers Communications said it will buy 48.6 million shares from AT&T Wireless, through its fully owned subsidiary JVII, for $36.37 each. That’s 17% higher than Rogers’s May offer of $31 a share.

The junior S&P/TSX Venture composite index is off 3.80 points at 1,517.02.

On Wall Street, gains in technology stocks have the Nasdaq composite index higher at midday. The tech-heavy index is up 23.10 points, or 1.22%, at 1,917.41.

The blue-chip Dow Jones industrial average is up 23.33 points, or 0.24%, at 10,337.40. and the broader S&P 500 is up 4.94 points, at 1,128.86.

Shares of US Airways Group Inc. have plunged, after the company sought bankruptcy on Sunday for the second time in two years. The stock is off 58¢, or 40%, to US88¢.