By James Langton

(June 28 – 13:00 ET) – The market is still waiting on the Fed decision, due out at 14:15 ET. In the meantime stocks are up, although volume is desperately thin. The TSE 300 has gained 108 points to 10,273 on volume of just 58.6 million shares. Buyers are outpacing sellers almost 2:1, and advancers lead decliners 7:6.

On a sector basis 10 of the TSE’s 14 groups are up, led by golds which have packed on 3.4% this morning. Technology, conglomerates and consumer products are all up strongly, too. Only cable stocks, miners, oil and pipelines are down, although oil service stocks are strong.

Seagram is leading the media group down this morning, while the misery is fairly evenly distributed throughout the oil sector.

Nortel Networks is doing most of the heavy lifting today, up 2.4% on 3.2 million shares. It is joined by JDS Uniphase, Research in Motion and MDSI Mobile in strong tech trading.

Manulife and Bank of Nova Scotia are leading the financials up moderately. Although AGF is surrendering much of its recent gains.

The gold group is strong as gold itself firms on the expectation of no rate rise in the U.S., likely weakening the U.S. dollar and boosting gold. Gold is up about 2% in New York so far. Aside from the price strength industry consolidation is also boosting stocks. This morning Dundee Precious Metals said it is in talks with Hope Bay Gold Corp. about a possible merger. Hope Bay is the former Cambiex Exploration Inc.

Miner Dia Met has named James Rothwell as its new CEO and president.

In New York markets are wending their way higher in light trading ahead of the Fed decision. The Dow Jones industrial average is up 44 points to 10,547. The NASDAQ composite has gained 75 points to 3,934. The S&P 500 is up seven points to 1,457.

The small caps make it unanimous, up four points to 3,434. Volume is light there, too, at just 15.5 million shares. Mines and oil are strong while technology is ticking up, too. Conac Software Corp. is the strongest play, although its down slightly to 54¢ on 622,481 shares traded.