Traders are bargain hunting following yesterday’s big selloff. The relief rally has the S&P/TSX composite index up 52 points at midday to 8,556.

In Canada, there was some significant economic news. The February jobs report surprised on downside, The economy lost 21,000 jobs last month, against expectations for a solid gain, and the unemployment rate stayed unchanged.

Toronto volume is solid, if unspectacular, at 143 million shares. Buying volume is ahead of selling by a margin of about 23:19. Market breadth is also bullish, as winners outnumber losers by a margin of 25:18.

There are gains in every sector except gold and utilities. Yesterday’s big losers are among today’s big winners. Techs, for example, are up 3%. Miners have gained 1.6%, energy, consumer stocks and health care names are all notably higher, too.

Nortel is recovering nicely from news that it may have to restate results. It is up almost 4% today in strong volume of 16.4 million shares. There are also impressive gains in JDS Uniphase, Sierra Wireless, ATI, Celestica, MDC and Mitec Telecom.

There is also a solid recovery move in names such as Inco, up 3.4%, Alcan is 2.6% higher. Falconbridge is up, as is Brascan and Westaim. EnCana is leading the energy group higher, gaining 1%, joined by Suncor Energy, Penn West and Denison Energy.

Manulife is leading the financials higher with a 2.3% rally. TD, CIBC and Scotiabank are all modestly higher, too, but Royal Bank is down a little.

Losing safe haven status a bit today, Barrick is down 0.4%. SouthernEra Resources is weaker, as is Eldorado Gold, Meridian Gold, Dundee Precious, Southwestern Resources, Aurizon Mines and Ivanhoe Mines.

Today’s big losses are coming stocks such as Slater Steel. It has dropped 75% to 12.5¢ in heavy trading, on news that the Toronto Stock Exchange has accepted its request to delist from the TSX. The shares will be delisted at the close on March 19.

Sino-Forest has dropped another 16.6% on news that it has arranged a restructuring of rights in the equity share capital of its subsidiaries in anticipation of its proposed equity offering..

Canadian Superior Energy is down 12.2% on word that a U.S.-based law firm has commenced an investigation into the halting of Canadian Superior’s drilling effort at a well off the coast of Nova Scotia.

In earnings news, Aber Diamond reported net earnings of $27.7 million or 50¢ per share for the year, and $3.2 million or six cents per share for the fourth quarter.

On the M&A front, Saskatchewan Wheat Pool is planning to pull out of the pork industry and divest of its interests in that sector.

Onex Corp, and Oaktree Capital Management LLC are looking to drop the curtain on Loews Cineplex Entertainment Corp. The partners have decided to explore strategic alternatives for Loews Cineplex, including a sale. Loews Cineplex has retained Citigroup Global Markets Inc. and Credit Suisse First Boston LLC to assist in this process.

Thomson has completed the acquisition of privately held Corporate Communications Broadcast Network.

Quebecor World has appointed Pierre Karl Peladeau as president and CEO of the company. Peladeau is replacing Jean Neveu who has served as interim president and CEO since March 2003. Also, Erik Peladeau has been appointed chairman of the board, and Serge Gouin president and CEO of Quebecor Media.

In the U.S., the rally is also underway. The Dow Jones industrial average is up 91 points at 10,219. The Nasdaq composite index has climbed a 32 points to sit at 1,976.

Only the S&P/TSX Venture index isn’t joining the fun. It is down 16 ticks to 1854. Volume is strong at 44.5 million shares, led by Expatriate Resources Ltd. It’s down 12% on 5.5 million shares.