By James Langton

(April 26 – 13:00 ET) – Markets are having another uninspiring session today. Stocks opened up slightly, traded higher, and are now inching downward. At midday, the TSE 300 is up just 14 points to 7,959.

Volume is average at 69.1 million shares. Buying volume is outpacing the selling by about seven to five. Winners outnumber losers five to four.

This slightly bullish bias is reflected in the sector breakdown, where eight of the TSE’s 14 sub-indices are up. None of the gains are that compelling, but conglomerates, consumer stocks, miners and energy plays show some strength. Paper stocks are weakest, followed by industrials and pipelines.

Tech play 360networks is the top trader yet again today, although volume is much lower than in recent days at just 2.8 million shares. The stock is up about 20%, as bargain hunters put in an appearance.

There’s some strength in other techs, too, with C-MAC up nicely in heavy trading. Other gainers include Pivotal, QLT, Ballard Power and BCE. There’s also some buying in a mixed bag of names such as Dorel, CFM Majestic, Denbury Global Thermoelectric, CHC Helicopter, Calpine and Denison Mines.

The big loser today is Abitibi, driving the paper group down on the heels of its 4% slide on 2.7 million shares. Abitibi reported first quarter net earnings of $132 million, or 30¢ a share, up sharply from the period last year. However the firm’s cautious future guidance seems to be weighing on the stock.

With heavy trading in 360networks and Abitibi, Nortel Networks falls to third position in the volume parade. Today it is down another 2.25% on 2.4 million shares. There’s not much news on the stock, apart from some small contracts it has won in China.

Nortel is joined on the downside by JDS Uniphase, Microcell, GSI Lumonics and Rogers Communications. But there’s also notable selling in Slater Steel, Shaw, Contrans and Leroux.

Stocks are similarly mellow in New York. The Dow Jones industrial average is up just 21 points to 10,646. The Nasdaq composite index has gained 11 points to 2,071. The S&P 500 is up seven points to 1,236.

Stocks are getting some support from comments by Boston Federal Reserve Bank president Minehan indicating that the Fed is still worried about growth, not inflation. This has helped assuage rate fears after today’s strong rise in the Employment Cost Index. The European Central Bank’s decision to leave its rates unchanged is improving the appeal of U.S. stocks, too.

The CDNX is glum today, down four points to 3,029. Volume is average at 17.1 million shares. Mines are flat, energy is up and techs are weak. Trioptimum Capital Corp. is the top trader, flat in its debut to 30¢ on 1.4 million shares.