Stocks in Toronto fought to close higher today and succeeded. It was the first positive close in seven sessions. The Toronto Stock Exchange’s S&P/TSX composite index closed up 17.90 points to 6,695.66. The blue-chip S&P/TSX 60 index rose 1.85 points, or 0.50 percent, to 374.78.
Seven of the TSX’s 10 sub-indexes closed higher. The information technology and healthcare groups led the way with by 2% increases in each sector. Profit-takers were a prominent factor in the jump in the tech sector. Nortel Networks Corp. closed up 15¢, or 7%, to $2.27. ATI Technologies Inc. climbed 63¢, or 5.5%, to $12.05.
The story at the S&P/TSX Venture Composite Index wasn’t as good today. It closed down 13.97 at 1105.37. Trading was active on a volume of 25.8 million shares worth 9.7 million dollars, with 217 declines, 137 advances, and 541 issues remaining unchanged.
Before the markets opened this morning, the Bank of Canada raised its overnight interest rate to 2.75% from 2.5% in an effort to keep the economy in check. South of the border U.S. Federal Reserve Chairman Alan Greenspan, praised the American economy during testimony before a congressional committee. At the same time, his speech reflected caution and signaled that interest rates are likely to stay put for now.
Despite Greenspan’s comments, U.S. markets fell as concern over corporate earnings lingered. The Dow Jones industrial average fell 166.08 points to 8,473,11. The Nasdaq composite index slipped 7.36 points at 1,375.26.