Markets are dull, dull, dull today, with U.S. traders off on holidays. The S&P/TSX index is up 11 points at 6767, off earlier intra-day highs. Volume
is less than half the usual morning session, with just 60 million shares changing hands. Buying is ahead of the selling by three to two. Market breadth is fairly even, split between winners and losers.

On a sector basis, there’s modest strength in techs following some strong results announced by Siemens AG. There is also buying in diversified names, utilities and real estate. Losers include health care, industrials and gold.

The financials are trading actively today, leading the market cap moves. Bank of Montreal is about flat on strong volume of 1.7 million shares. CIBC is more convincing, gaining 0.8% on decent volume. On the downside, Fairfax Financial is taking an absolute thumping. It has seen a 41% haircut today, down $41 to $59, as analysts speak negatively of its fortunes. Canada Life is down a little too, but nothing as bad as Fairfax.

Nortel is leading the tech trade, gaining 3.6% on light volume of 7.8 million shares. Some of the usual suspects are following it higher too.

Other gainers include Southwestern Resources, Falconbridge, FNX Mining, Cequel Energy, Peyto Explorations, Vermillion Resources, and Enbridge.

On the downside, Bombardier is notably weaker today. MDS is down 2.4% on news that its CFO is stepping down. There is also weakness in Biovail, Hudson’s Bay and Alcan.

On the news front, Dimethaid Research reported that its latest quarterly net loss was $3.1 million, compared with $1.8 million for the same period last
year. Angiotech Pharmaceuticals says that it intends to implement a 2-for-1 stock split, subject to shareholder approval.

The small caps are very quiet today, too, with the S&P/TSX Venture index up half a point to 1125. Volume is low at 14.7 million shares. William Multi-Tech is the day’s top trader, doubling from 1¢ per share to 2¢ on 670,000 shares.