Stocks in Toronto finished slightly higher, today, led by a puzzling revival in tech stock buying. The Toronto Stock Exchange’s S&P/TSX composite index finished up 13.50 points, or 0.21%, at 6,419.37. Today marked the TSX’s fourth-straight rise and the tenth in twelve days.
Nortel Networks Corp. added 15¢, or 8.4%, to $1.94. This is the eighth straight rise for the beleaguered stock. It seems to be reliving some of its market darling status as it continues to lead the tech sector – so far to a 3.03% gain. Sierra Wireless Inc. added 55¢, or 9.2%, to $6.55. Celestica Inc. rose 20¢ to $22.60.
Six of the 10 TSX sectors finished higher. But financials index weighed against the tech drive. The financial sector fell 0.59%, in the midst of bank-merger speculation. Toronto-Dominion Bank fell 55¢ to $31.40. Sun Life Financial Services of Canada Inc. dropped 81¢ to finish at $28.19.
The S&P/TSX Venture Composite Index closed down 3.27 at 900.76. Trading was moderate on a volume of 24.9 million shares worth $6.4 million, with 161 advances, 192 declines and 543 issues unchanged.
In the U.S., stocks did not fare as well, slumping after experiencing a three-week rally. The Standard & Poor’s 500 index rose 11% in the past three weeks through Friday’s close due to strong quarterly earnings.
The Dow Jones industrial average fell 75.95 points, or 0.90%, to 8,368.04, according to the latest available figures. The S & P 500 Index dipped 7.42 points, or 0.83%, to 890.23. The Nasdaq composite index dropped 15.26 points, or 1.15%, to 1,315.87.
Canadian and U.S. gross domestic product data will be released on Thursday. American unemployment and manufacturing statistics are due out on Friday. Investors are looking to those number for hints regarding future interest-rate moves in Canada and the U.S.
Toronto stocks stay in positive territory
American stocks slip as investors wait for economic news later in the week
- By: Stewart Lewis
- October 28, 2002 October 28, 2002
- 17:45