Markets have been decidedly mixed so far today, as economic cross currents and earnings reports drive trading.

At midday the TSE 300 is clinging to an 18 point gain at 7,666.

Volume has been heavy, with 104.8 million shares crossing the floor today so far. Up volume is holding a seven to three edge on the down volume. Winners outnumber losers by five to four.

Golds are rallying strongly today, up 3.5%. There are also gains in other resources, such as energy stocks, paper plays and integrated miners on hopes of economic recovery.

The U.S. jobs report has some traders seeing a slower recovery ahead, and a Canadian survey of manufacturers projects more layoffs and cutbacks.

At the same time, commodity prices are firming on the expectation that recovery is happening although it may be slow and steady. Technology stocks are weak, as are transports and wholesalers.

The oilpatch shakeout continues to lead trading. AEC and PanCanadian are the big market cap movers today, and both are up strongly. News of an explosion in a Kuwaiti oilfield also helped boost the group.

Golds are strong performers, as gold gains US$2.10 to US$284.80. Barrick has gained 1.5% in very heavy trading. It is supported by strong gains in Placer Dome, Franco Nevada, TVX Gold, Glamis Gold, Meridian Gold and Kinross Gold. The approval of Franco-Nevada’s merger with Newmont is boosting the sector.

Ivanhoe Mines is up another 7% today, but Alcan is pulling back from its recent run-up. There’s also some weakness in resources such as Aber Diamond, Finning and the energy trusts.

Techs are down at midday, with Nortel Networks dropping 2.5%. Celestica is up in active trading though. Bell Canada International continues its roller coaster ride, it is gaining today.

Accelo is the big winner, up 44% on news that Adobe Systems has unveiled a white knight bid for the firm, trumping an earlier offer from Open Text.

Biotechs are weaker, thanks to Biovail and Axcan Pharma. Other losers include Ballard Power, Altarex and Quebecor.

In earnings news, TransAlta has recorded earnings from continuing operations of $33.2 million, compared with $37.3 million in 2000. Earnings from continuing operations for the full year increased to $169.5 million from $133.6 million in 2000. Net earnings for 2001 were $214.6 million, compared with $279.8-million in 2000.

Mackenzie Investment Management Inc reports that it lost US$441,881 in its third quarter.

In New York, stocks opened higher but turned negative by mid-morning. The Dow Jones industrial average is now down 33 points to 9,887. The Nasdaq composite index has dropped 20 points to 1,913. The S&P 500 is off by nine points to 1.121.

The S&P/CDNX Composite Index is convincingly stronger today, gaining 11 points to 1,129, on strong volume of 21 million shares. Genoil Inc is the top trader, gaining 14% to 24¢ on 1.7 million shares after responding to a regulatory request for more information regarding its proposed acquisition of hydrogen technology.