By Jeff Sanford

(December 11- 18:00 ET) – The TSE 300 opened lower this morning, but quickly shot ahead for most of the day. However, it couldn’t maintain momentum this afternoon. The composite index gained just 33.17 points to close at 9581.90.

Tech stocks were responsible for the gain and the fallback. The rally was based on hopes that the U.S. Supreme Court may resolve the presidential election debacle.

Biotechs did well, and managed to hang onto their gains. The consumer products sub-index finished ahead a strong 3.11%. Biochem Pharma, which finished the day up 10.50% at $44.20, led the sector. Francesco Bellini, the company’s CEO, indicated he would not try to stop a $4 billion takeover bid for Biochem by Britain’s Shire Pharmaceutical Group Plc.

Overall, seven of the TSE’s 14 sub-indices finished the day higher. Showing strength were utilities and oil and gas, both ahead over 1% on the day. The industrial sub-index closed slightly higher, just under 1%.

Real estate and merchandising led on the downside.

Among individual issues, 614 advanced while 508 declined. Volume was 158 million shares.

Nortel was responsible for much of this afternoon’s pullback. Although it traded as high as $69.85, it couldn’t maintain the momentum. It closed at $65, down 45¢ on the day.

Financials continued to do well. TD finished the day up 2.17% at $44.75. and Bank of Nova Scotia finished the day up 2.99% at $43.10. Manulife finished up 2.50% at $41.

Some other big movers: Anderson Exploration was up 6.77% to $32.35, and 360Networks was up 13.64% at $20

The CDNX finished the day up 17.33 points at 2,925.99. Volume on the small cap exchange was 49 million shares. Overall 274 issues advanced, while 335 declined.

The loonie fell back slightly today. It closed at US65.68¢, a drop of 0.09%.

In the U.S. today, markets surged ahead on optimism that there is an end in sight for the presidential election. Buyers pursuing tech stocks pushed the Nasdaq composite index to a 97.65 point gain on the day. It closed at 3,015.08, a rise of 3.35%

The Dow Jones industrial closed higher, but not with as much enthusiasm. It put on 12.89 points to close at 10,725.80. The S&P 500 was ahead 10.30 points at the bell to close at 1,380.19.