Markets aren’t moving much Monday as traders wait for tomorrow’s decision on U.S. interest rates. The S&P/TSX index is up 18 points at midday to 7,270.

Volume is quite light at 85.7 million shares, with the buying ahead of the selling by a margin of about seven to four. Market breadth is bullish. too, as winners outnumber losers nine to seven.

Most sectors are seeing very modest gains today, although there is a bit of strength in techs, energy and financials. Industrials and health care stocks are weaker.

Rather than big moves between sectors, traders seem to be making their rotations within sectors. On the gold group, Kinross is down 2.4% in heavy trading on news that it expects to raise about $200 million in a new share issue. There is also weakness in Placer Dome, Miramar Mining and Golden Star Resources. But Barrick, Bema Gold, Cambior and Glamis Gold are posting decent gains.

ATI is leading the tech group higher, up 2.7% in active trading. Open Text and Leitch are stronger, too. Among the telecoms, BCE is up and Telus is down. Biotechs are sliding though, with QLT and VSM MedTech down in active trading. Vasogen is higher though.

Among the energy stocks, there are some modest gains in EnCana, TransCanada, PetroKazakhstan, Compton Petroleum and Canico. Cumberland Resources, Canadian Utilities and Northgate Exploration are lower. CP Rail and CN Rail are softer, but Air Canada is stronger.

The banks remain active traders, mostly to the upside, ahead of tomorrow’s Fed decision. CIBC is leading the way, up about 0.6%. Scotiabank, and Bank of Montreal are both up, as well.

In earnings news, Ensign Resource Service Group reported a $6.7 million loss in the second quarter of 2003.

Canadian Real Estate Investment Trust saw net income of $14.8 million for the quarter.

In New York, the market opened higher, but with little news to drive the trade, it has been sliding throughout the morning. The Dow Jones industrial average is now down 29 points to 9,162. The S&P 500 is down a single point to 977. The tech-heavy Nasdaq composite index is 10 points higher at 1,654.

The S&P/TSX Venture index is down eight points at 1,215. Volume is quite strong there though at 22 million shares. Arawark Energy is leading the trade, down a penny to 5¢ on more than 1.2 million shares traded.



Markets aren’t doing much today, as traders trickle back into the office from the weekend, and await an interest rate decision in the U.S. tomorrow. While no one is expecting a move on rates, the Fed’s policy statement will be closely watched, absent much else in market-moving news.

The S&P/TSX index is up just 18 points at midday to 7270. Volume is quite light at 85.7 million shares, with the buying ahead of the selling by a margin of about seven to four. Market breadth is bullish too, as winners outnumber losers nine to seven.

Most sectors are seeing very modest gains today, although there is a bit of strength in techs, energy and financials. Industrials and health care stocks are weaker.

Rather than big moves between sectors, traders seem to be making their rotations within sectors. For example, in the gold group, Kinross is down 2.4% in heavy trading on news that it expects to raise about $200 million in a new share issue. There is also weakness in Placer Dome, Miramar Mining and Golden Star Resources. But Barrick, Bema Gold, Cambior and Glamis Gold are making decent gains.

ATI is leading the tech group higher, up 2.7% in active trading. Open Text and Leitch are stronger too. Among the telecoms, BCE is up and Telus is down. Biotechs are sliding though, with QLT and VSM MedTech down in active trading. Vasogen is higher though.

Among the energy stocks, there are some modest gains in EnCana, TransCanada, PetroKazakhstan, Compton Petroleum and Canico. Cumberland Resources, Canadian Utilities and Northgate Exploration are lower. CP Rail and CN Rail are softer, but Air Canada is stronger.

The banks remain active traders, mostly to the upside, ahead of tomorrow’s Fed decision. CIBC is leading the way, up about 0.6%. Scotiabank, and Bank of Montreal are both up too.

In earnings news, Ensign Resource Service Group reported a $6.7 million loss in the second quarter of 2003.

Canadian Real Estate Investment Trust reported net income of $14.8 million for the quarter.