Stocks are posting modest gains Wednesday, as bargain hunters creep back into the market. But the resulting weakness in golds is restraining overall index gains. The S&P/TSX index is up 13 points to 6,082.

Volume is about average at 84.6 million shares, with buying ahead of selling by a margin of 19:13. Market breadth is slightly negative, however.

The techs and industrials are leading the rally back, both sectors are up about 1.8%. Health care stocks are gaining, too. A general bargain hunting move seems to be behind the gains, bolstered by some positive earnings guidance.

The strength in the broader market is hitting the golds, with the flight to safety bid unwinding. Gold stocks are down 2.4%. Most other sectors are barely changed.

Bombardier continues to enjoy some buying action. Today, it is up almost 12% on strong volume of 8.4 million shares. Tech names such as Celestica are also recovering, as is Research in Motion.

A selection of blue chips are gaining, with names such as TransCanada Pipelines, TD Bank, Alcan, Manulife Financial, Domtar, Methanex and Alliance Atlantis all gaining.

Quebecor is up on news of a management shuffle at that firm.

Molson has gained 3.4%, after it reiterated its earnings guidance with earnings per share expected to come in between $1.95 to $2. The firm confirms that, with continuing currency volatility in Brazil, Molson has a series of initiatives to insulate its operating results against adverse economic and currency fluctuations.

The golds are slumping in this environment, with Barrick down more than 1%. Glamis and Meridian Gold are notably weaker.

Other losers include Rogers Communications, Shaw Communications, SNC Lavalin, Cameco, C.I. Fund Management and Mosaic Group.

In business news, Great-West Lifeco says that it intends to redeem all 4 million of its outstanding non-cumulative first preferred shares on December 31, for the cash redemption price of $25 per share.

Richelieu Hardware reported that its net earnings rose 21% last quarter to $5.2 million.

In M&A news, a Vivendi Universal subsidiary sold its 89% stake in Canal+ Technologies to Thomson Multimedia for 190 million euros in cash. The transaction was approved by the respective boards, but it still needs to be examined by the relevant competition authorities.

Also, Prem Watsa, the chief executive officer and controlling shareholder of Fairfax Financial Holdings, has purchased 84,600 additional subordinate voting shares of Fairfax. At the same time, other directors and officers have purchased a total of an additional 50,335 shares. Fairfax is not providing any financing for these share purchases.

GT Group Telecom has received an extension of bankruptcy protection until November 4.

In New York, where the recent losses have been bigger, today’s snapback is also more impressive. The Dow Jones industrial average is up 75 points to 7,758. The S&P 500 has gained eight ticks to 828. The Nasdaq composite index is up 16 points to 1,198.

The S&P/TSX Venture is the one market not joining the rally today. It is down eight points to 962. Volume remains on the light side at 12 million shares. Venture Pacific Development is the top trader, flat at 10¢, with almost 1.2 million shares changing hands.