Toronto stocks are holding onto some gains at midday, even as U.S. traders see their resolve weakening. The S&P/TSX composite index is up 16 points at midday to 6,473. Volume is robust at 87.2 million shares, with buying overwhelming selling by seven to four. Market breadth, however, is about even.

The techs are leading the way higher today, with a 2% gain. They are receiving strong support from energy stocks as well as healthcare, though materials, golds, and utilities are weaker.

Nortel Networks is providing much of the volume today, up 5.5% on 21.4 million shares. Traders are bullish on techs following strength in HP. There are similar gains in Zarlink Semi and ATI as well.

EnCana is powering the energy group higher with a 2% gain, followed by Canadian Natural Resources and Talisman Energy. Bombardier is up about 2% too, and there is strength in an assortment of names such as Biovail, Hudson’s Bay, Rogers Communications and Shaw Communications. Onex is rallying on its latest earnings news.

The financials are mixed in some active trading. TD Bank is up 1.1%. CIBC is up almost 1%. Scotiabank is down 1.2% as well as the Royal Bank. Sun Life and Fairfax Financial are both down about 2%.

There is also weakness in Abitibi, Saputo, Telus, Four Seasons and Gerdau AmeriSteel.

In M&A news, Rockwater Capital has entered into an agreement to acquire the private client business of Yorkton Securities Inc. for approximately $23 million. Upon closing, Rockwater’s investment dealer, First Associates Investments Inc., will have more than $3.4 billion in assets under administration, over 500 employees including 228 advisors.

Also, some bankrupt telcos are getting together. 360networks Corporation is acquiring Group Telecom. Terms of the cash acquisition were not disclosed, but will be included in Group Telecom’s plan of reorganization.

In financing news, Power Corporation has entered into an agreement with a syndicate of underwriters led by BMO Nesbitt Burns Inc. under which they have agreed to buy 6 million preferred shares for $150 million. Proceeds from the issue will be used to supplement Power Corp.’s financial resources and for general corporate purposes.

Finally, Thomson is shuffling the chairs in its executive suite. David Shaffer, currently president and chief executive officer of Thomson Learning, has been named CEO of Thomson Financial, replacing Patrick Tierney, who will be leaving the firm at the end of the year. Ronald Schlosser, president and CEO, Thomson Scientific & Healthcare, has been named president and CEO of Thomson Learning, while Robert Cullen, president and CEO of Thomson Learning International, has been named president and CEO of Thomson Scientific.

In New York, the markets opened higher there too, but have sold off through the late morning. At midday, the Dow is down 30 points to 8,548. The S&P 500 has lost five ticks to 905 and the Nasdaq is up one tick at 1,412.