Stocks are making some solid gains today, as Toronto traders catch up to some of the big gains made in the U.S. last Friday and trade off today’s news. At midday the S&P/TSX composite index 23 points higher at 7,286.

Volume is quite strong at 130.4 million shares, with the buying ahead of the selling by about 24:17. Market breadth is also bullish, as winners outnumber losers 53:43.

The sectors leading the gains are utilities, financials, health care and consumer stocks. Energy, golds and industrials are modestly weaker.

Financial stocks are seeing lots of action today, with CIBC leading the way higher, up 0.7% in heavy trading of 1.2 million shares. Great-West Lifeco is powering the insurers, gaining just 0.3%, on very heavy volume of 2.6 million shares. Royal Bank is up almost 1%, albeit on much lighter volume, and Bank of Montreal is making gains too. Canadian Western Bank is down 1.3% however.

Alcan also continues to make gains, up 1.3% in active trading. Other old economy names making gains include Fairmont Hotels, CP Rail, Inmet Mining, Westaim, Golden Star Resources and Pan American Silver.

Techs are higher at midday, despite market leader Nortel sliding 2.7% in heavy trading of 16 million shares. Research in Motion is weaker, too. However, there is strength in names such as ATI, Sierra Wireless, Creo, Zarlink Semi, and Telus.

Xplore Technologies is up 32% on news that it has a deal with boxmaking giant Dell to sell laptops to the U.S. government. Envoy Communications is also making big gains.

And, QLT is leading the drug group higher. Cardiome Pharma is stronger, too.

Placer Dome is leading gold stocks lower. Bombardier has dropped more than 5% in active trading. There is also notable selling in names with recent bad news such as Methanex and Noranda. Selling is also coming in Talisman Energy, Baytex Energy, FNX Mining, Bema Gold, EnCana, and Metro.

CoolBrands International is stronger too, up 3.4% on news that its subsidiary Integrated Brands Inc has acquired the general partner interest and a majority of the total partnership interests in Americana Foods LP. The partnership interests were acquired by exercising an option granted under a prior agreement between Integrated Brands and its financial partners in Americana Foods.

In earnings news, Slocan Forest Products has recorded an operating loss of $1.8 million before income taxes and unrealized foreign exchange gains for the second quarter of 2003. For the same period in 2002, the company had operating earnings of $50.1 million. After including unrealized foreign exchange gains, net earnings were $10.9 million in the quarter compared with net earnings of $43.4 million for the second quarter of 2002.

On the M&A front, Alimentation Couche-Tard has signed a purchase agreement for some assets of Clark Retail Enterprises Inc. for US$24.5 million and the transaction will be financed by a bank loan.

Promax Energy has retained BMO Nesbitt Burns Inc. as its financial adviser in connection with the restructuring process undertaken to maximize value for its stakeholders.

In New York, stocks have traded up and down in a lacklustre session today. At midday, the Dow Jones industrial is down 39 points to 9,245. The Nasdaq composite index is about flat at 1,731. The broader S&P 500 dropped four ticks to 994.

The S&P/TSX Venture index is nine points higher at midday to 1,169. Volume is strong there too at 19.8 million shares. ArtQuest International is the day’s top trader, down a penny to just 1¢ on 839,000 shares.