Toronto stocks nudged ahead Wednesday despite a dip in the energy sector, as the market was pulled ahead by the technology group.

The S&P/TSX composite index finished up 11.93, or 0.11%, to close 10,810.05.

Volume on the senior exchange was 270 million shares.

The Bank of Canada raised its key interest rate by 0.25% to 2.75%, a widely expected move.

Crude for October delivery ended down US$1.59, or 2.4% at US$64.37 a barrel. The energy index gave up 0.54%.

The information technology sector rose 2.72%, the biggest increase of any TSX sector on the day.

Nortel Networks Corp. gained 21¢, or 5.75%, to $3.86 after Korea’s KTF announced it had picked Nortel and LG Electronics for broadband wireless service.

U.K. pharmaceutical company GlaxoSmithKline said it has agreed to buy Vancouver-based ID Biomedical for $1.7 billion. Shares in ID Biomedical spiked ahead $4.07, or 13.14%, to $35.05.

Abitibi-Consolidated Inc. shares rose 9¢, or 1.74%, to $5.26, after the company said it is selling its half ownership in Pan Asia Paper Co. to Norske Skog for US$600 million.

In economic news, Statistics Canada said $4.9-billion in building permits were issued in July, down 3% from the previous month.

The Canadian dollar closed up 0.03 of a U.S. cent at US84.15¢.

The junior S&P/TSX venture exchange finished up 2.72, or 0.14%, to 1,952.45.

In New York, stocks moved higher largely on the drop in energy prices.

The Dow Jones industrial average climbed 44.26 points to 10,633.50, the Nasdaq composite index rose 5.17 points to 2,172.03, while the S&P 500 gained 2.97 points to 1,236.36.