Stocks are higher at midday, bolstered by cuts to European interest rates.

The TSE 300 is up about 60 points today to 7,207.

Volume is average at 74.8 million shares, with buying way ahead of selling by almost three to one. Winners are beating losers 10 to seven.

There’s a move away from safety today, as gold stocks are down more than 3%, and just about every other sector is posting gains.

Techs are up about 2%, leading the way, but strong, broad-based buying, is boosting conglomerates,.energy, biotechs, financials and media stocks.

Nortel Networks and Celestica are leading the techs higher, with gains also evident in Bell Canada International, Telesystem International Wireless and CAE.

Oil and gas stocks are up, led by Westcoast Energy. There’s also buying in Petro Canada and Suncor.

Blue chip buying is boosting Bombardier, Molson, Rogers, and CIBC is leading the banks up. There are gains in Kingsway Financial and Amvescap.

Air Canada is up 6.5% on the news that rival Canada 3000 has failed to reach an agreement with CUPE, which represents 1,500 flight attendants at the air carrier.

Today’s downside action is dominated by gold, as investors creep out of their hiding places and back into the market. Barrick, Placer Dome, Franco Nevada, Agnico Eagle and Meridan Gold are all down. Other losers include Rio Alto, Vasogen and Open Text.

In business news, Ensign Resource Service Group Inc reported that net income for the past quarter was $23 million, up from $15.1 million in 2000.

Magna International Inc.’s net income from operations in the third quarter of 2001 was $99 million, up from $89 million in 2000. Net income for the third quarter of 2001 was $105 million.

Thomson Corporation said earnings from continuing operations were $147 million for the third quarter, compared with $168 million in the third quarter of 2000. These results reflect higher amortization and borrowing costs related to recent acquisitions, as well as losses stemming from equity positions held in associated companies.

Also, Domtar announced that it will temporarily halt the production of lumber at three sawmills in Quebec from November 19 to January 7, in an attempt to further balance inventories with demand. These temporary stoppages will mean withdrawing 30 million board feet from the market, approximately 20% of the company’s total volume. The shutdowns will affect 226 employees.

In New York, stocks are also being buoyed by European rate cuts, and the absence of any bad geopolitical news. The Dow Jones industrial average is up 136 points to 9,690. The Nasdaq composite index is up 43 points to 1,880. The S&P 500 has added 17 points to 1,133.

The CDNX is also up today, gaining five points to 2,991. Volume is light at 10.2 million shares. Oils are leading the way, but miners and techs are up, too. Imagis Technologies Inc is leading the trade, up 6.5% to $2.45 on 511,470 shares.