Markets opened slightly lower today, and are grinding down through the morning. At midday, the TSE 300 is down 37 points to 8,222.

Volume is soft again today at 80.7 million shares, with sellers holding a 21:13 edge over buyers. Losers outnumber winners five to four.

On a sector basis, 12 of the TSE’s14 sub-indices are down. Industrials are the weakest, down 1.4%, but most of the moves are rather modest. Mines and conglomerates are also soft.

Media stocks are really the only group to advance. Real estate has made a token move upward.

Gulf Canada trading continues to give trading volume a goose. More than 6 million shares have crossed, although the price is unchanged.

Nortel Networks is weak again today, down 2.8% on almost 6 million shares. Investors continue to punish the stock for its favourable treatment of employee options. Yesterday’s tech optimism also evaporated by mid-morning today.

Certicom is taking its licks yet again today. Monday’s poor results have caused investors to batter the stock remorselessly, and today it is down yet another 4% on 1.2 million shares.

Most of this morning’s other losers are old economy names. Resource-based companies such as Teck, Cominco, Denbury Resources and North American Palladium are all down. Other losers include Mullen Transportation, Reitmans and McGraw-Hill.

The day’s winners are an eclectic bunch, with no convincing sector momentum. Petro Canada, Norske Skog and Stressgen Bio are up in active trading. Other gainers include Asbestos Corp., Royal Group technologies, AnorMed, Acktion, Rogers Communications, Zenon Enviro.

In New York, markets are weak today in directionless trading. The Dow Jones industrial average is off 71 points to 11105. The Dow is being led by Hewlett-Packard, which made cautious comments about its future.

The Nasdaq composite index has dropped 18 points to 2,215. The S&P 500 has shed 10 points to 1,273.

The CDNX is the only market up, gaining just two points to 3,356. Volume is strong at 19.3 million shares. Energy stocks are strong, making up for the mines and techs. Primo Resources International Inc is the top trader, up 67% to 28¢ on 1.1 million shares.