By James Langton
(May 15 – 13:00 ET) – Markets have been rather peaceful today, with light trading leading up to tomorrow’s rate decision in the U.S. The TSE 300 is up 41 points to 9,252 on volume of just 69.1 million shares. The buying volume is ahead of the selling almost 3:1 and advances are outpacing declines 5:4.
The index has inched ahead despite some weakness in the all-important techs. Both tech stocks and biotechs are down, but the moves are moderate. Outweighing the selling is strong buying in golds, financials, miners and paper stocks. Food stores, brewers and transports are also strong.
Among the leading gainers are stocks such as Bowater, Westons, Northstar Energy and Merrill Lynch.
Newport Petroleum has displaced Nortel Networks as the hottest trade on news that Hunt Oil has a friendly deal for the firm. Newport has moved more than 7 million shares, up 7% to $5.35, just under the $5.50 takeout price.
Nortel itself is down 1% on 3.9 million shares. But former parent BCE is swimming the other way, up 1.6% on 2.3 million shares.
Nortel has its sympathizers, with losses notable at Ballard Power, JDS Uniphase, Sierra Wireless, Descartes Systems, Wi-Lan and QLT Phototherapeutics.
Sun Life continues to lead the financials, up 6% on almost 1 million shares. The anticipation of higher rates and strong earnings announcements out of the banks later this week is helping to bolster the group.
Trading is dead in New York, too, but the Dow Jones industrial average is up 105 points to 10,714. NASDAQ has slipped 35 points to 3,493. The S&P has added 12 ticks to 1,433.
The CDNX is up slightly as well, adding 17 points to 3,446. Volume is average at 24.3 million shares. Miners are leading the way upward, while oils and techs are sliding. Among the small caps, Virgin Energy Inc. is up 200% to 30¢ on 3.3 million shares.