Toronto stocks are higher in light trading ahead of the U.S. Federal Reserve’s decision on interest rates due later this afternoon afternoon.

The Fed is widely expected to announce a quarter-point rise in its key federal funds rate despite a disappointing July jobs report and record oil prices.

At midday, the S&P/TSX composite index is up 43.58 points at 8,227.02, on trading volume of 110 million shares.

The junior TSX Venture composite index is off 5.66 points at 1,488.02.

Among the leaders on the TSX was the health care sector, boosted by positive news from two Canadian companies.

Shares of Canadian biotech firm Angiotech Pharmaceuticals Inc., were up 99¢ or about 5% at $20.80 despite revised long-term expectations due to increased uncertainty.

TLC Vision Corp. shares were also up 43¢ at $10.80 after it reported a profit for the second quarter, marking the first time in five years that the laser eye surgery leader has put together profitable back-to-back quarters.

Energy stocks are higher as the price of oil continues to skirt US$45 a barrel in New York. EnCana is up 67¢ at $56.04, and Niko Resources is up 45¢ at $37.75,

Among the most active stocks were CP Ships, up 38¢ at $17.45, and Canfor, down 24¢ at $14.60. Noranda was up 38¢ at $21.15.

Shares of Nortel Networks were up 1¢ at $4.64 as it said it will issue preliminary earnings reports for the first and second quarters of 2004 on Aug. 19.

Shares of Four Seasons Hotels were up $1.06 to $77.42 after the firm reported a second-quarter profit of $17.3 million, rebounding from a year-ago loss.

Rockwater Capital shares are up 2¢ to 82¢ after the wealth management holding company reported a return to profitability for the second quarter.

In New York, the Dow Jones industrial average is ahead 68.29 to 9,882.95. The tech-heavy Nasdaq composite index is up 18.30 points at 1,792.94, while the S&P 500 has added 7.54 points at 1,072.76.