Trading has been predictably indifferent today. U.S. traders are off duty, celebrating their President’s Day long weekend. At midday, in Canada, the TSE 300 is up just six points to 7521. Volume has been slim at 45 million shares. That’s about half the action of a normal day on the TSE. Buying volume is edging the selling by about seven to six. The split between winners and losers is even.

Techs are bouncing a bit today on news of a takeover by Ciena. Cable stocks, utilities ad financials are bouncing back. Lower oil prices are dropping the producers, but oil service stocks look stronger. Following weakness in European players, there’s weakness in domestic paper firms. Golds are down, as are conglomerates, and miners.

The leading gainer today is ad agency Cossette. It’s up better than 5% on more than two million shares on news that its control group is converting 1,644,769 multiple voting shares into subordinate voting shares. Subsequent to the conversion, the control group will hold 8,887,339 subordinate voting shares and 9,880,153 multiple voting shares of Cossette. It has also filed a notice of intention to sell up to a total of 1,821,423 class A subordinate voting shares.

Nortel Networks is up about 3% in light volume, but that has been enough to lead the
techs higher. ALI Technologies, Ballard Power and Telus are all rallying.

There’s also some buying in Ketch Energy, Baytex Energy, Cascades, Cott and Dimethaid Research. Both Scotia Mortgage and TD Mortgage are gaining too.

Golds are notably weaker as some of the flight to safety bid evapourates. Placer is down about 5% at midday. Barrick and Kinross are down substantially too.

Abitibi is leading the trees lower, it is down 2.5% in moderate trading. There’s also selling in resources such as Inco, Cameco, and Westcoast Energy. Clublink is weaker, as is Loblaws and Biovail.

On the news front, TransAlta has received regulatory approval for a 3 million share buyback, just 1.8% of its float. AMJ Campbell has recorded a net loss of $167,548 for the three months ended December 31, 2001, compared with net earnings of $172,254 in the comparative 2000 fiscal year.

The small caps are bouncing back a bit today. The S&P/CDNX Composite Index is up four points to 1145. Volume is not as staggered by the absence of U.S. traders, it is a bit light at 14.9 million shares. National Gold Corp is the top trader, up 6% to 38¢ on 928,045 shares.