The market is in a familiar midday position for 2002, clinging to a small gain. The TSE 300 index is up about 12 points at midday to 7845. Volume is average at 78.3 million shares, with buying ahead of selling by about 4:3. Winners outnumber losers by about 18:13.

Techs have given up some early gains to trade lower by midday, as traders take profits, although software stocks are holding up. There’s also strength in utilities, miners, golds, media stocks and merchandisers. There’s not much concentrated sector weakness, but brewers, food stocks and paper plays are all lower.

Nortel Networks is the leading trader today, down less than 1% after some of the early tech enthusiasm wilted in mid-morning. Celestica is also down, as is Descartes Systems, Research in Motion, and Ballard Power. ATI is shaking off the selling to move higher in active trading after some encouraging analyst comments.

There’s also some selling in Bombardier, Cott, Procyon Biopharma, Husky Energy and Compton Petroleum.

Aside from ATI, the top gainers include Magna International and Barrick Gold. There’s also strength in CGI Group, DataMirror, Com Dev, Stressgen Biotech, CanWest, IPSCO, Air Canada and Goldcorp.

On the news front, Accelio’s board of directors has unanimously rejected the unsolicited takeover bid by Open Text. CIBC World Markets tells the board that the Open Text offer is inadequate from a financial point of view.

NOVA Chemicals has agreed to sell its estimated 20% share of the Cochin pipeline system for US$64 million. The sale is subject to rights of first refusal by the other Cochin pipeline joint venture owners, and so the buyers asked to remain anonymous. The cash from the transaction will be used to pay down debt.

Finally, CIBC has received regulatory approval for its normal course issuer bid, under which it may purchase for cancellation up to 18 million common shares, just under 5% of its float.

In New York, the profit taking is also dictating the trade at midday. The Dow is down 38 points to 10221. Nasdaq is leading the way lower though, off 13 points to 2046. The S&P has shed five points to 1167.

The S&P/CDNX Composite Index is having a strong session, boasting a nine point gain at midday to 1081. Volume is average at 14.5 million shares. Look Communications Inc. continues to lead the trade, yet it is flat at 15¢ on almost 780,000 shares.