While gold issues surge, health care stocks have taken a tumble leaving stocks in Toronto just above the opening numbers. The Toronto Stock Exchange’s S&P/TSX composite index is up 16.15 points, or 0.25%, at 6,561.54. Market volume is strong as 130.1 million shares worth $1.26 billion have exchanged hands.

Gold shares are up 2.9%, following rising bullion prices. Kinross Gold Corp. is up 43¢ $8.89. Placer Dome Inc. has gained 49¢ to $14.46.

Two of the 10 TSX sectors fell, led by a 2.14% tumble among health-care stocks. Leading the way was Biovail Corp. It slid $2.71, or 4.9%, to $52.48. The biotech company fell 9.6%, yesterday, after releasing disappointing earnings.

Investors are also waiting to hear what Bank of Canada Governor David Dodge has to say about monetary policy and the economy. He is due to speak in front of the House of Commons finance committee later today.

South of the border U.S. Federal Reserve Chairman, Alan Greenspan, testified before congress that the American economy seems poised for a rebound with the end of the war in Iraq. But Greenspan expressed concern over a lingering sense of caution among businesses. He is hopeful, though, that a fast recovery will unfold in the second half of 2003.

American markets weren’t inspired by Greenspan’s comments, though. Investors focused briefly on the Chicago Purchasing Mangers survey, which showed that business in the U.S. Midwest contracted in April for a second straight month.

The Dow Jones industrial average is down 4.06 points, or 0.05%, at 8,498.93 at midday. The broader Standard & Poor’s 500 Index is up a mere 0.64 points, or 0.07%, at 918.48. The Nasdaq Composite Index has fallen slightly by 3.77 points, or 0.26%, at 1,467.53.