Toronto stocks finished with slight gains on Friday as investors engaged in some last minute holiday shopping. The S&P/TSX composite index finished up 23.65 points at 6,560.62. For the week, the index slid 1.6%.

The TSX benchmark index rose despite lower gold prices and a unexpected headline inflation figure of 4.3% for November.

The S&P/TSX composite index closed up 23.65 points at 6,560.62

with a 1.3 per cent drop in the gold group offset by a 1.5 per cent increase in tech stocks.

Golds stocks slipped 1.3% as Barrick edged down 10¢ to $23.60. Kinross Gold dipped 20¢ to $3.44, while Goldcorp fell 17¢ to $19.15.

The slide in gold was offset by a 1.5% rise among technology issues. Nortel added 14¢ to $2.72.

In the heavily weighted financial services group, TD Bank rose 73¢ to $34.98 after naming John Thompson as chairman. TD also confirmed that Ed Clark has assumed the office of CEO.

Royal Bank fell 98¢ to $56.40, while CIBC rose 28¢ to $43.05.

A total of 212.5 million shares were exchanged, valued at C$3 billion. Market momentum was positive as 677 issues advanced, while 497 declined.

Volume will likely be minuscule next week. The Toronto exchange will close early on Tuesday and not open again until Friday.


The TSX Venture Exchange declined 8.40 to 1,009.56.

On Wall Street, stock markets closed on an upbeat note as investors took heart in positive comments about America’s economy and applauded a US$1.5 billion settlement with major brokerages.

In one of the largest settlements ever levied by securities regulators, America’s largest brokerages have agreed to pay the settlement to resolve conflict-of-interest allegations. The settlement calls for 10 firms, including Citigroup, Goldman Sachs and Credit Suisse First Boston, to sever links between research and investment banking, and to fund independent stock research for investors that would complement their own analysts’ work.

The Dow Jones industrial average closed up 147.21 points to 8,512.01, bouncing back after three days of declines. The Nasdaq composite was up 9.60 at 1,363.70, while the S&P 500 gained 11.59 points to 895.84.

Markets also gained strength following comments from Federal Reserve chairman Alan Greenspan that the American economy is recovering.

The Canadian dollar edged up 0.13 of a cent to US64.53¢.