Markets greeted the Bank of Canada’s decision to leave interest rates unchanged this morning with a collective yawn. The S&P/TSX index is up just a point to 7925.

Volume is very strong at 186.6 million shares, with the buying ahead of the selling by a margin of about 11:8. Market breadth is close to even, with winners edging losers 56:53.

In New York, traders are taking some profits once again today. The Dow is down 20 points at midday to 9879. Nasdaq has added three points to 1992. And, the S&P 500 is also down just a point.

The S&P/TSX Venture index is almost as morose as the big board. It is down just a point to 1709. Volume is quite strong there too at 51.4 million shares. Akrokeri Ashanti Gold is the day’s top trader, unchanged at 11¢ on 1.7 million shares traded.

On Canadian markets, there is sector strength in mines, energy stocks and health care. Industrials and consumer stocks are a bit weaker, but nothing is moving much in either direction.

Scotiabank is the day’s top trader, but its lack of price action is characteristic of the mellow market we are seeing today. It is up just 0.2% on strong volume of 2 million shares, after it delivered net income of almost $2.5 billion on stronger investment banking revenues and lower loan losses. Fourth quarter net income was $660 million. It also hiked its dividend and announced that Rick Waugh is ascending to the CEO suite, effective immediately.

Elsewhere is the group, there are modest gains for Bank of Montreal and TD Bank, but Royal Bank is down 0.6% on the day.

Some of yesterday’s winners are giving up their gains, as the enthusiasm for the U.S.-led recovery wanes a little it. Alcan is down, as is Nortel, BCE and CP Rail.

Golds are active traders, but the sector is hardly moved as traders rotate out of the big blue chip names, Barrick and Placer Dome, and into smaller producers such as Wheaton River Minerals, Kinross and Golden Star Resources. Nevsun Resources is weaker too.

There is also strength in names such as Cameco, Canadian Superior Energy, Intertape Polymer, BCE Emergis, Telesystem International Wireless and Spectra Premium Industries.

Biotechs are stronger, led by an 8.7% gain in Stressgen Biotech on news that Stressgen and Roche have restructured their heat shock protein fusion partnership. The new agreement is said to create significant value for Stressgen through increased revenues and downstream product rights. There is also strength in QLT, and Diagnocure. But, Biovail is down.

News of some weak retail sales in the U.S. is hurting the stock of firms such as Mega Bloks. There is also selling in Cott, Four Seasons, and Fairmont Hotels.

Other losers include Enerchem, Centurion Energy and Ivanhoe Energy.
In other news, Royal Host Real Estate Investment Trust says that Greg Royer, who joined the management team as chief operations officer in April, will be promoted to chief executive officer, effective immediately. Randy Royer will continue as president.

Also, Advantage Energy Income Fund has closed its previously announced issue of 5.1 million trust units for gross proceeds of $80,325,000 and $60-million total principal amount of convertible unsecured subordinated debentures. The offering was made on a bought-deal basis through a syndicate of underwriters led by Scotia Capital and including BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., FirstEnergy Capital Corp. and Raymond James Ltd.

Rogers Wireless Communications Inc. said that it will drop AT&T’s name from its service. And, it take a $20 million charge.
On the earnings front, Xenos Group said that net earnings for fiscal 2003 were $1,655,000,. Improved results were achieved through increased sales, expense controls, productivity gains and general efficiency improvements.