Stocks in Toronto closed higher, reversing a descent begun earlier in the day. The Toronto Stock Exchange 300 composite index closed up 30.32 points at 7,761.30. Overall, eight of the TSE 300’s 14 sub-indices closed higher, led by a 1.3% jump in the oil and gas sector and a 2.6% rise in the utilities group.

Oil stocks rose after Venezuela’s president, Hugo Chavez, returned to power on the weekend. He was ousted from the presidential palace last week. Chavez’s return, as well as reassurances from Venezuela that it will observe OPEC output quotas, led to a recovery in oil prices. Petro-Canada closed up 35¢ at $39.85. Husky Energy climbed 45¢, or 2.7%, to $17.15.

But Canada’s big banks had a mixed day after American financial giant, Citigroup, fell short of analysts’ profit forecasts. Royal Bank of Canada the market’s biggest stock, shed 19¢, dropping to $55.31. Canadian Imperial Bank of Commerce fell 29¢ to $56.90. On the other hand, Toronto-Dominion Bank scraped higher, adding 9¢ to $44.06. Bank of Nova Scotia shares remained unchanged.

The S&P/CDNX Composite Index closed down 0.63 at 1156.52. Trading was active on a volume of 28.8 million shares worth 15.3 million dollars, with 183 advances, 230 declines and 592 issues unchanged.

South of the border, blue-chip stocks fell, due to the reaction to Citigroup’s profit report. Investors looking for signs of recovery in the first-quarter results. The Dow Jones industrial average fell 97.15 points to 10,093.67, today, its lowest close in seven weeks. The Standard & Poor’s 500 Index slipped 8.46 points to 1,102.55. The Nasdaq Composite Index also slid slightly, down 2.41 points to 1,753.78.