Toronto stocks held on to minor gains Monday ahead of a highly anticipated U.S. Federal Reserve meeting. Analysts widely expect the Fed will hike interest rates Tuesday despite Friday’s week U.S. jobs report.

Toronto’s S&P/TSX composite index closed up 10.16 points at 8,183.44. The industrial sector slipped 1.49%, largely because of a slide in the shares of CP Ships.

The company’s stock fell $4.68 to $17.07 after the firm restated its profits downward for the last two years and for the 2004 first quarter by up to US$40 million. The company said the implementation of a new accounting system revealed deficiencies.

The price of crude oil rose on the New York Mercantile Exchange again today. It closed up US89¢ to US$44.84 a barrel after going as high as US$44.98 earlier in the session.

TSX energy sector gainers included Canadian Natural Resources, up $1.10 to $42.05, and EnCana, up 71¢ to $55.37.

Talisman Energy stock climbed $1.09 to $29.99 after the company said it has signed a 17-year contract to sell natural gas from its rapidly expanding joint venture operations in southeast Asia.

Shares in Husky Energy Inc. climbed 22¢ to $27.25 after the company announced its drilling program for the $2.35 billion White Rose project off the coast of Newfoundland and Labrador is on schedule for possible production by late next year.

The junior TSX Venture composite edged down 3.14 points at 1,493.68.

On Wall Street, U.S. stocks closed slightly lower on concern over oil prices.

The Dow Jones industrial average ended down 0.67 points at 9,814. The Dow was up as much as 43 points earlier in the session, after closing at its lowest level in over eight months the prior session.

The tech-heavy Nasdaq composite index finished down 2 points at 1,774 and the S&P 500 (lost 16 points to 1,063.

All three major market indexes closed at new 2004 lows on Friday.

The Canadian closed lower ahead of tomorrow’s Fed meeting. The loonie slipped to US75.90¢, down from US76.20¢, at Friday’s close.

The Fed is expected to raise interest rates a quarter-point to 1.5%.