Weakness in oil stocks is weighing on a mixed market today. At midday, the TSE 300 is down 12 points to 7420. Volume has improved today as U.S. traders came back to work. Midday volume is about 80.4 million, with an almost even split between buyers and sellers. Losers hold a 9:8 edge on winners.

The oil stocks are suffering yet again today, as crude prices fall on news that Russia will not go along with OPEC production cuts. Golds, paper stocks and transports are sliding too. Biotechs, software stocks and financials are higher at midday.

Energy stocks are grinding lower again today, following the gyrations in world oil prices. Precision Drilling is one of the leading losers. But there is also plenty of weakness in other sectors, including losses in old economy names such as Sherritt, Nexen and Abitibi.

It’s a mixed market in techs today, with Nortel Networks, Sierra Wireless and Ballard Power down. Celestica and C-Mac are up in active trading, as are ATI, Cell-Loc, Biovail and MGI Software.

Hudson’s Bay is down a bit in active trading on news that it has closed a $200 million debt issue. Sears Canada and Forzani are up. Other gains are coming in Air Canada, Alcan, Bombardier and Canada Life.

CIBC is up a bit on news of its latest fourth quarter operating earnings of $425 million. Operating return on equity for the quarter was 16%. Reported earnings for the fourth quarter were $242 million. Operating earnings for the year were $2 billion, compared with $2.25 billion in fiscal 2000.

In other business news, Mark’s Work Wearhouse will begin consolidating its 169 Mark’s stores with most of its 144 Work World stores into one chain called Mark’s Work Wearhouse. As part of this new strategic direction, the company has decided to end its eight-store Dockers test and include those locations as Mark’s Work Wearhouse.

In the U.S., markets look much the same. Weakness in oils has the Dow down 45 points to 9914. Nasdaq is up 11 points to 1914. The S&P has dropped two ticks to 1149.

The CDNX is down today too, off 35 points to 3062. Volume is 15.3 million shares. Technology, oils and mining stocks are all weaker today. Ibi Corporation is the top trader, up 20% to 6¢ on almost 1.2 million shares.