Toronto stocks finished higher Wednesday, despite lower oil prices, as the market was pushed up financials and the telecom sector and absorbed news of a takeover bid for Dofasco.

The S&P/TSX composite index finished up 27.05, or 0.25%, to 10,919.80.

Volume on the senior exchange was 308 million shares.

Seven of the 10 TSX main sub-groups were up, with the telecommunications sector up 2.20%.

BCE Inc. gained $1.30, or 4.89%, to $27.90.

The energy sector was off 0.94%.

Light, sweet crude for January delivery finished down 13¢ at US$58.71 a barrel on the New York Mercantile Exchange. The U.S. Energy Department announced increased inventories in crude and heating oil.

EnCana Corp. fell 44¢, or 0.81%, to $53.95.

December gold last was down 60¢ at US$492.30 an ounce.

Placer Dome recommended shareholders reject a hostile bid from Barrick Gold. Placer Dome fell 50¢, or 1.94%, to $25.30 while Barrick fell 67¢, or 2.41%, to $27.14.

The technology sector was off 0.58%

Research In Motion said new subscribers for the current quarter will be off 8% from previous forecasts. RIM shares lost 80¢, or 1.19%, to $66.28.

The financial sector was up 0.57%.

TD Bank reported its fourth-quarter earnings dropped $6 million to $589 million. Shares were up 7¢, or 0.21, to $59.55.

In other corporate news, Arcelor SA of Luxembourg has made an offer of $56 per share in an all-cash bid for Dofasco. Shares were up $14.30, or 32.50%, to $58.30 on heavy trading.

On the economic front, Statistics Canada reported the leading indicator was up 0.5% in October.

The Canadian dollar was up 0.19 of a cent to US85.32¢.

The junior S&P/TSX venture exchange finished up 19.34, or 0.95%, to 2,054.03.

In New York, markets were up before the Thanksgiving Day holiday on lower energy prices and positive corporate news.

The Dow Jones industrial average closed up 44.66 points at 10,916.09, the S&P 500 closed up 4.38 points at 1,265.61 and the Nasdaq Composite index moved up 6.42 points at 2,259.98.