Toronto stocks where left out as U.S. markets rallied late in the session on Wednesday. The TSX recorded its eighth straight loss.

S&P/TSX Composite Index fell 39.27 points to close at 7,359.56. Overall, 10 of the 13 TSX industry sub-indices lost ground, led by a 3.98% drop in the gold sector and a 2.66% fall in the information technology sector.

Nortel gave some of its recent gains and fell 26¢ to $2.64. The stock was the most actively traded issue on a volume of 22.6 million shares.

ATI Technologies fell 34¢ to $14.65. Research In Motion lost 39¢ to $20.37. Zarlink Semiconductor gained 17¢ to $9.25.

Among gold stocks, Barrick lost 96¢ to $30.24 while Kinross, merging with TVX Gold and Echo Bay Mines, gave up 18¢ to $3.40.

Energy stocks rose on the strength of a 2% rise in crude oil futures. EnCana rose $1.48 to $45.10; Petro-Canada added 60¢ to $41.60. Talisman Energy gained 21¢ to $68.16.

Toronto volume was 224.8 million shares worth $2.75 billion as decliners beat advancers 636 to 467 with 207 unchanged.

In other business news, the Ontario government cancelled what would have been the largest public stock offering in Canadian corporate history when it announced that it was abandoning plans for the full privatization of Hydro One. The IPO was estimated to have been worth $5.5 billion.

The S&P/TSX Venture Composite Index closed down 3.21 at 1,193.31. Trading was heavy on a volume of 40.2 million shares worth 17.1 million dollars, with 199 advances, 229 declines and 508 issues unchanged.

In New York, the Nasdaq Composite Index rose 21.94 points to 1,519.12. The Dow Jones Industrial Average added 100.45 points to 9,617.71. The S&P 500 was up 6.63 points at 1,020.23.


Martha Stewart Living Omnimedia shares tumbled more than 12 per cent — down US$2.10 to IS$15. The stock dropped on revelations that Stewart sold 3,000 shares of ImClone shortly before an FDA ruling that caused ImClone shares to plunge. Stewart is a friend of former ImClone CEO Sam Waksal, who was arrested on insider trading charges Wednesday morning.

The Canadian dollar gained 0.03¢ to close at US65.11¢.