By James Langton

(April 25 – 13:00 ET) – Markets are flat today. At midday the TSE 300 is up a single point to 7,893.

Volume is average at 78.6 million shares, with buyers ahead of sellers four to three. Market breadth is dead even, 444 issues are up, 446 of them are down.

The sectors are split evenly, too. There’s some weakness in mines and paper stocks, and some strength in pipelines and utilities. But there’s not a whole lot of action either way.

The “kick-a-guy while he’s down” play of the day is 360networks. The stock is the top trader again today. It’s down another 9.6% on 5 million shares, as traders fret over its debt position.

Nortel Networks is down just 2% on 4.5 million shares after its former friends at UBS Warburg downgraded it, and six other telecom equipment makers, including Cisco Systems Inc. UBS Warburg says that weak capital spending will bring more bad news in the future for these firms.

Following the tech and telecom slide are names such as Tundra Semi, Telesystem International Wireless, Royal Group Tech, JDS Uniphase, GSI Lumonics, Rogers Communications and Biochem Pharma.

There’s also some tech on the upside today. Pivotal, Descartes Systems, 724 Solutions, Celestica and Sierra Wireless are all up notably.

Today’s other winners include BCE, which has gained 3.3% after reporting strong results and issuing comforting guidance. SNC Lavalin is up, as is ATS Automated Tooling, and even poor old Bank of Montreal is making some gains in active trading.

The banks, insurers and fund companies are all mixed at midday. TD and Royal Bank are up too, but CIBC is down about 1% in active trading.

Sun Life Financial Services of Canada reported higher first-quarter profit. Net income for the quarter ended March 31 was $202 million, or 48¢ a share, up from 45¢ last year.

On Wall Street, trading has been lackadaisical, too, although traders have a bit more to show for it. The Dow Jones industrial average is up 36 points to 10,490. The Nasdaq composite has gained 13 points to 2,029. The S&P 500 is up eight ticks to 1,218. A stronger than expected Home Sales report helped spark some buying in the United States.

The CDNX is similarly lacklustre today, up just one point to 3,038. Volume is average though at 17.2 million shares. Techs are weak, mines are up and oils are flat. World Sales & Merchandising is the top trader, flat of course at 3¢ on volume of 626,000 shares.