Stocks are bouncing this morning, but with volume light, traders remain cautious.

At midday, the TSE 300 is up 61 points to 7,632.

Volume is light at just 56 million shares, with buyers holding a thee to two edge over sellers. Winners are outnumbering losers by a small margin.

Some surprisingly positive — or at least not negative — earnings results in the tech sector seem to be fuelling today’s bounce. Techs are up almost 4%, driving the industrials group 2.5% higher.

Financials are rallying behind the techs, and there are also gains in mining stocks, transports and merchandisers. Energy stocks continue to slide. Gold is surrendering yesterday’s gains, and media stocks are down a little, too.

Investor relief about the tech business has Nortel Networks up 2.6% on 2.9 million shares. Celestica is up more than 6%, Research in Motion has gained more than 9%. There are also strong gains in C-MAC, Siebel, JDS Uniphase, Pivotal, Exfo Electro, Open Text and GSI Lumonics.

Financials are enjoying the relief rally in techs, with Royal Bank leading the way higher. Although investors are still cautious on Bank of Nova Scotia as the dodgy Argentine debt situation plays itself out.

On the downside, recent gainers such as Meridian Gold are leading the way lower. Losers include Teck, CHC, FPI, Ensign Resources, Penn-West Petroleum, Teknion, Tesco and Enghouse Systems.

In business news, Rogers has taken control of SportsNet, subject to all necessary regulatory approvals. Rogers will pay $123.4-million for this interest plus the assumption of CTV’s share of the shareholder loans, in a deal that will give it 80% control of SportsNet, with Fox Sports retaining the remaining 20%.

Torstar says it is selling its Delta Education unit to the Wicks group of companies, a private equity firm that specializes in the communications, information and media industries in the United States. Delta Education is a publisher and distributor of k-12 science and math education materials, headquartered in New Hampshire. The deal continues Torstar’s divestiture of its Children’s Supplementary Education Publishing assets. Terms of the transaction were not disclosed.

Kingsway Financial Services reports that it has completed its previously announced public offering. In addition, the underwriters exercised their over-allotment option. In total, 5.75 million common shares were issued at $12.50 per share for total gross proceeds of $71,875,000. The underwriters of the offering were HSBC Securities (Canada) Inc., CIBC World Markets Inc. and Scotia Capital Inc.

In the U.S., stocks are higher. Techs are leading the way with much the same motivation as the Canadian market. The Dow Jones industrial average is up 143 points to 10,384. The Nasdaq composite index has gained 70 points, or 3.5%, to 2,042. The S&P 500 is up 18 points to 1198.

The CDNX is joining the fun today, too, gaining five points to 3,131 on light volume of 11.3 million shares. Mines are leading the way higher, followed by techs. Oils are flat. Unique Broadband is leading the trading, up 12% to 93¢ on 603,450 shares.