Toronto stocks moved higher Wednesday on the strength of the energy sector, and despite a drop in the information technology group.

The S&P/TSX composite index lifted 67.99 points, or 0.55%, to 12,378.20.

Seven of the 10 TSX main sub-groups were up, with the energy sector gaining 1.61%.

Light, sweet crude for December delivery rose 90¢ to end at US$59.83. A U.S. Energy Department report showed crude supplies moved higher by 400,000 barrels last week, but gasoline supplies fell by 600,000 barrels.

Nexen Inc. gained 69¢, or 1.13%, to $61.49.

The information technology sector fell 1.23%, largely on the continuing fallout from Nortel Networks, which fell about 10% yesterday. Shares dropped another 20¢, or 8.26%, to $2.22.

The materials sector fell 0.10%, but the gold sub-sector moved up 0.24%. Gold for December delivery closed down $9.40 at US$618.30 an ounce.

In other corporate news, Saskatchewan Wheat Pool Inc a hostile bid for Agricore United in a stock deal valued at about $550 million. Saskatchewan Wheat Pool moved up 26¢, or 3.76%, to $7.17 CAD, while Agricore lifted $2.02, or 24.51%, to $10.26


The Canadian dollar was down 0.06 of a cent to US88.51¢ as the Canada Mortgage and Housing Corp. reported that housing starts this year rose in October to 223,200 from 209,000 units in September.

The S&P/TSX Venture composite index fell 7.04 points, or 0.27%, the 2,631.78.

In New York, stocks rose moderately as the markets shrugged off a Democratic victory in the House of Representatives, and possibly the Senate, and news that Secretary of Defense Donald Rumsfeld had resigned.

The Dow Jones industrial average gained 19.77 points, or 0.16%, to 12,176.54.

The Nasdaq composite index lifted 9.06, or 0.38%, to 2,384.94, and the S&P 500 advanced 2.88, or 0.21%, to 1,385.72.