By Jeff Sanford

Just the usual. Propelled by Nortel, the TSE broke another record today. At a time when major indices around the world are trending down, the TSE shines as the global leader when it comes to returns this year.

The TSE 300 composite index closed today at 10,239.90, up 103.09 points. It reached as high as 10,276.23 in intraday trading.

Market breadth was slightly negative with declining issues outpacing advancers 540 to 529, 295 issues remained unchanged. Total volume was relatively light at almost 126 million shares.

Among the sub-indices, eight of 14 were up on the day. Among the gainers were industrial products, up 293.05 points, and consumer products, up 192.28 points. The big loser was communications and media, which dropped 639.45 points.

Nortel, as usual, dominated invidual stocks. It gained another $2.30 to close at $101.70. That was on news that a research firm has called Nortel the leader in “value-added networked-based services.” Its Shasta 5000 Broadband Service node, a router, was ranked number one in units shipped and revenue generated.

Seagram was down $7 on news that its deal to sell to Vivendi has been completed. Seagram, which accounted for almost 4% of the TSE market cap, will no longer be traded once the merger is completed.

Infowave Software had another big day Tuesday. Following a 20% increase Monday on news that Intel would use its products, it rocketed another 20% today. It gained $3.30 to close at $19.10.

Ballard Power also had a big day, taking a 14% gain a week after its annual meeting. That news added $17 to bring it to $137, still a few dollars short of its high of $210 set in early March. Research in Motion was also up. It rose $6.15 to $69.55.

The CDNX dropped slightly, giving up 1.77 points to finish at 3,470.43 for the day.

The dollar stood at US67.93¢ at the end of trading.

In the American markets, the NASDAQ composite broke through 4,000 for the first time since April, regaining the ground it had lost in the spring. It closed the day at 4,013.36. Many technical analysts consider that an important breakthrough point, perhaps indicating a new round of growth. But others dismissed the news claiming definitive signs of slowing in the economy and negative earnings reports will keep a lid on the NASDAQ over the summer.

The Dow Jones industrial average closed down 122 points to end the day at 10,435.16. The S&P 500 was also down, ending the day at 1,476.23, down 9.77 points.

The trade balance numbers released this morning showed the U.S. has widened its current account balance. Although Robert Shapiro, U.S. Commerce Secretary, said the numbers were “too high” the news didn’t move the markets. One of the reasons that may be so is that a current account deficit, generally seen to be a negative for the U.S. economy, is actually helping to keep a lid on inflation. If producers didn’t import, the current demands of the red hot U.S. economy would drive up inflation.