Toronto stocks closed slightly higher on Wednesday as bargain-hunters took advantage of attractive prices. The Toronto Stock Exchange’s S&P/TSX composite index closed up 10.69 points at 7,024.08.

Toronto’s benchmark index is expected to lack direction heading into the weekend as U.S. markets are closed on Thursday or the Independence Day holiday and open only for an abbreviated session on Friday.

Five of the TSX’s 10 subgroups closed higher on Wednesday, led forward by a 3.7% jump in the information technology group and a 1.3% rise in the utilities sector.

Nortel Networks Corp. gained 19¢ to $2.42, while Research In Motion jumped $3.33, or 20%, to $19.40.

RIM, which makes the popular BlackBerry e-mail device, reported better-than-expected first-quarter results on Tuesday but also lowered its revenue target.

Gold stocks slipped as the U.S. dollar firmed and made the metal less attractive to investors. After offering much support earlier in the year, gold stocks have lost their glitter in recent weeks as geopolitical concerns fade.

Placer Dome fell 35¢ to $16.40, while shares of Goldcorp slipped 64¢ to $14.51.

Despite the higher close, market momentum was negative as 579 issues declined and 473 advanced on light volume of 157 million shares.


In New York, stocks spent most of the day in negative territory, but a rally late in the session allowed the major averages to close with gains heading into the Independence Day holiday.

The Dow Jones Industrial Average finished with a gain of 47.22 points to 9,054.97. The Nasdaq composite index rose 22.35 points to 1,380.17, and the S&P 500 was higher by 5.90 points to 953.99.

Markets in the U.S. will be closed Thursday for the Independence Day holiday. On Friday, markets will be open until 13:00 ET.

The Canadian dollar dropped for a second consecutive day on Wednesday. The loonie finished at US65.29¢ cents, down from US65.54¢ at the previous close.