By Jeff Sanford

(June 19 – 13:00 ET) – Toronto markets are up moderately this morning with the TSE gaining 34 points to bring it to 10,070.52 in light trading. Volume is 46 million shares.

Even so declining issues outnumber advancers, 467 to 350, with 263 issues unchanged.

Six of the TSE’s sub-indices are also up this morning with communications and media and financial services up 106.42 and 163.89.27 points respectively. On the down side, oil and gas fell 131.75 points reacting to Husky Oil’s $3 billion bid for rival Renaissance Energy, while consumer products has lost 102.92 points.

Movers on the day so far are Nortel Networks, up $1.55 to $99.55 and BCE Inc., down 10¢ to $34.95. BCE cuts its offer for Teleglobe by about $400 million to $6.4 billion. BCE also said it will provide Teleglobe with an immediate $100 million in financing. Teleglobe is up $1.50 to $30.50, or 5%.

724 solutions is down $4.90 to $70.15 and Sierra Wireless is down $3.75 to $58.25.

Penny stock Tahera corporation is up 26% on news that its Jericho Diamond project is expected to produce 3,000,000 carats over eight years, according to a feasibility study.

In New York, the Dow Jones industrial average is up. It has gained just over 30 points so far this morning to bring it up to 10,480. The NASDAQ is up 12 points to 3,873.07 while the S&P 500 is up almost five points to 1468.87.

The CDNX is also up slightly, gaining 2.88 points this morning to bring it to 3475.03.