Following stronger than expected GDP numbers on both sides of the border, equities are posting gains today.

At midday, the TSE 300 is up 32 points to 7,679.

Volume is average at 87.7 million shares, with buying almost outweighing selling by two to one. Winners outnumber losers by about 21:17.

While the rally is fairly broad-based, it is not as overwhelming as it was yesterday. Today, golds are sliding, as are techs, biotechs and steels, as traders remain cautious on those groups.

That said, the market is broadly higher, led by financials, and core resource businesses, including energy plays, rocks and trees. Media stocks are also higher.

CIBC is leading the way north, up about 2.5%, despite reporting weaker first quarter earnings. Traders are buying the vision though, and bidding the stock higher. It is joined by strength in Bank of Nova Scotia, which is up 1.2% in active trading, and Royal Bank is making gains, too.

Along with CIBC, Laurentian Bank reported net income of $24.9 million for the first quarter, compared with $22.6 million for the same period in 2001.

Thomson is leading the media group higher, as traders continue to applaud its recent results. There are convincing gains in old economy names such as Petro Canada, Westcoast Energy, Ketch Energy, Gauntlet Energy, Domtar and Four Seasons. Other gainers include AT&T Canada, Linamar and Vasogen.

Mosaic Group is up about 10% on the strength of its latest earnings announcement.

On the downside, techs are weaker as traders remain cautious about their participation in any recovery. Celestica is down 3.4% at midday. Exfo Electro has dropped almost 13%, Geac Computer, Solectron and Research in Motion are all weaker too. Although there is some buying in Descartes Systems and BCE Emergis.

Biovail is down 2%, as part of biotech weakness that began in the UK today with Shire Pharma.

Falconbridge is down about 3% on news of executive turmoil at the firm. And Brascan is weaker too.

In business news, Van Houtte reports that it has acquired four separate coffee operations in the U.S. — Ag-Horn Coffee and Food Service Company, Filterfresh San Antonio, Coffee for a Purpose, and Filterfresh Hudson Valley. The four companies are being acquired for a total consideration of $7 million.

Cambior says that it has completed its previously announced private placement of 21,346,154 special warrants at $1.30 each for gross proceeds of $27.75 million, which will be added to working capital. The offering was made through a syndicate of underwriters led by Sprott Securities Inc., and includes National Bank Financial Inc. and Scotia Capital Inc.

Also, Ipsco has completed an offering of 6.5 million common shares at a price of $23.25 per share for total net proceeds, after payment of the underwriting commission, of $145.08 million, to an underwriting syndicate led by TD Securities Inc. The net proceeds will be used principally for the repayment of indebtedness owed under the company’s credit facilities.

In New York, markets are mixed with the broader market rallying on strong economic news. The techs are lagging there too though. At midday, the Dow Jones industrial average is up 67 points to 10,195. The Nasdaq composite is flat at 1,752. The S&P 500 is up seven points to 1,117.

The S&P/CDNX Composite Index is following through with a modest gain of its own today too. It is up two points to 1,114 at midday. Volume is average at 17.7 million shares. ESI Environmental is the top trader, flat at 11¢ on volume of just under 1 million shares.