Markets are making small gains today, as traders bet that the economic recovery will power profit growth. At midday, the S&P/TSX composite index is up 23 points to 7,623.

This morning Canadian wholesale sales were reported on the upside for the first time in six months, which is generally a good sign.

Toronto volume is quite heavy at 172.3 million shares, with buying well ahead of the selling by a margin of 55:19. Market breadth is more even, although still positive, with winners outnumbering losers 29:23.

There are strong gains in gold stocks — the sector is up almost 3% on higher gold prices — and the mining sector has gained 2%. Financials and utilities are higher, too.

However, weakness in the trust sector, real estate and health care, is keeping markets from getting carried away.

Barrick Gold is powering the way higher today, up 3% on more than 2.1 million shares. Apollo Gold, Rio Narcea, Gabriel Resources and Pan American Silver are all up. Inco is making solid progress, too.

The banks are all making gains in heavy trading today, with CIBC leading the way, up 0.8%. Royal Bank, TD Bank and Scotiabank are all up about half as much. Kingsway Financial is going the other way, down 2.4%.

In fact, options expirations are giving all the blue chips plenty of volume today. BCE is up a bit in heavy trading.

Energy stocks and techs are sliding a bit. Nortel is down just 0.5% in active trading. Celestica and Stratos Global are weak, and biotechs such as Neurochem and Angiotech are giving back recent gains too. However, there is strength in Sierra Wireless, Geac Computer and Biomira.

Suncor is leading the energy plays down, sliding 0.8%. EnCana is lower, too. There is also weakness in Enerplus, MI Development and CoolBrands.

In earnings news, Mitec Telecom has released its results for its first quarter of fiscal 2004. The net loss for the quarter was reduced from $6.4 million, in fiscal 2003 to $1.6 million in the current year.

In New York, a big options expiration day has kept markets gyrating around, but the major market gauges remain stuck in a narrow range.

The Dow Jones industrial average is down 14 points to 9,645. The Nasdaq composite index has shed an equally-uninspiring five points to sit at 1,904. The broader S&P 500 is down four points to 1,035.

The S&P/TSX Venture index is making gains however. It is up six ticks to 1,380. Volume is strong there, too, at 41.9 million shares. Once again Las Vegas From Home.com is the day’s top trader, flat at 15¢ with 3.6 million shares traded.