Stocks are hardly changed today, despite some encouraging economic news on both sides of the border. The S&P/TSX composite index is seven ticks higher at midday to 8,521.

In Canada, retail sales rose 1.6% in January, much faster than economists expected. However, wholesale trade reportedly slipped 3.2% in January, which was a bigger-than-expected drop.

In the U.S., the numbers were generally better too. Personal income growth came in strong for February, although spending growth slowed. The University of Michigan Consumer Sentiment Index rose to 95.8, a slight increase.

Toronto volume remains moderate at 130.6 million shares, with buying ahead of selling by a 67:49 margin. Market breadth is modestly bullish too, as winners outnumber losers 57:53.

Techs and miners continue to make gains, up 1.6% and 1.3% respectively. Smaller gains are coming in REITs, materials and golds. Utilities, real estate and energy stocks are pulling back. And, consumer names are selling off, despite the strong retail numbers.

Nortel Networks is leading the way higher, as traders look for a bargain on the stock. It is up 4.5% on trading of 10.4 million shares. Cognos is up 3% in active trading, Sierra Wireless and Manitoba Telecom are both higher, and BCE is up 0.6%.

Moving from techs to rocks, Inco is leading the old economy names higher. It is up 2.6% in active trading. Alcan has added 1.5%, Placer Dome is up 1.6% in heavy volume, and there’s strong buying in Richmont Mines, Nevsun Resources, Gammon Lake Resources, Canfor and Railpower Tech.

The energy group is not following the rest of the resources higher though. Suncor Energy is down 0.8%, and Flowing Energy is lower, too.

Elsewhere, Gennum has dropped, as have timber companies, Sino-Forest and West Fraser Timber. Bema Gold is down more than 5%, after reporting that its net loss grew to US$30.6 million in 2003.

There is also selling in Bombardier, Shaw Communications, Xillix, and Central Fund.

In earnings news, Focus Energy Trust reported that its income grew to $41.5 million in 2003.

Tusk Energy Inc. said that it saw income grow to $10.1 million in the year too.

On the financing front, Laurentian Bank of Canada has arranged a public offering of 4.4 million preferred shares for a total amount of $110 million. The offering will be underwritten by a syndicate co-led by National Bank Financial Inc. and Laurentian Bank Securities Inc. The expected closing date is April 15.

In New York, stocks are making some modest gains of their own. The Dow Jones industrial average is up 36 ticks to 10,255. The tech-heavy Nasdaq composite index is six ticks stronger at 1,973.

The S&P/TSX Venture index has also added eight points to 1,858. Volume there is very light though, with just 26.9 million shares traded. The top trader is Transition Therapeutics Inc., which is up 6¢ to 90¢ on 677,000 shares traded.