Markets are making solid gains Tuesday, with another broad-based rally driving trading this morning. At midday, the S&P/TSX index is up 47 points to 6,707.

Volume is robust at 117.4 million shares, with the buying swamping the selling by a seven to two margin. Market breadth is also positive, as winners outnumber losers 11 to seven.

Once again, most sectors are posting moderate gains today. The only losers are the golds and diversifieds, yet both are down less than 1%. The techs are leading the way higher with a 1.3% gain. There is also strength in telecoms, health care, financials and industrials.

Nortel is back to its old tricks, powering 4.4% higher on volume of 14.9 million shares. It is joined by gains in BCE and Pivotal. Telus is up 3.6% on strong volume. Descartes Systems, ATI and Leitch are all down.

There is action in the biotechs too, with Biovail up 1.8% on strong volume of 693,000 shares. The firm is up on news that Kristine Peterson has been appointed senior vice-president, commercial operations, effective immediately.

Peterson will be responsible for the strategic leadership of Biovail’s U.S. and Canadian commercial operations as well as identifying internal and external growth opportunities. She comes to Biovail from Bristol-Myers Squibb where she was senior vice president of global marketing, drug discovery and exploratory development. William Poole, president of Biovail Pharmaceuticals, is leaving the company to pursue other career opportunities.

Elsewhere in the biotech group, ID Biomedical reports positive preliminary results from its phase II clinical trial of the StreptAvax vaccine. And, Nexia Biotechnologies says that it is cutting 30% of its staff along with early research and development programs, and administrative and other non-essential expenses. Pangeo Pharma is up almost 10% in active trading.

The financials remain strong traders too, mostly to the upside, with gains coming in Scotia, TD Bank, and CIBC. Manulife is leading the way with a 1.7% gain, while Fairfax Financial is up a bit. AGF is up 3.9% in decent trading.

Other notable gainers today include Bombardier, Air Canada, CAE, Stelco, and Defiant Energy.

On the downside, Acclaim Energy Trust, Fording and Falconbridge are lower.

Glamis Gold is leading the golds lower, with a 3% slide. This selling came on news that it has posted net income of $1.9 million for the first quarter of 2003, compared with net income of $3.2 million for the first quarter of 2002. Results for the first quarter of 2003 include $2.2 million of exploration expenses in Guatemala, with total exploration expenses of $2.4 million, compared with $300,000 in the first quarter of the previous year.

In earnings news, Paramount Energy Trust reported net earnings were up to $26.4 million for the three-month period ended March 31.

Tesma International reported that its first quarter increase in sales resulted in growth of 17% on the company’s bottom line to $16.3 million, compared with $13.9 million a year ago.

In New York, stocks are higher ahead of this afternoon’s decision on U.S. interest rates. The Dow Jones industrial average has added 65 points at midday to 8,596. The S&P 500 is up eight points to 935. Nasdaq is 19 points higher to 1,523.

The S&P/TSX Venture index is the only market on the downside today. it has dropped two and a half points to 1058. Volume is strong at 20.35 million shares. Tullaree Capital is the day’s top trader, down a penny to 1¢ per share on three million shares traded.