Stocks are bouncing impressively today. Bargain-hunting seems to be the reason. And some strong Canadian economic data, released this morning, hasn’t hurt either. At midday, the Toronto Stock Exchange 300 composite index is up about 80 points, to 8182. Volume is heavy again today, albeit off recent highs, at 94 million shares. Advancing issues outnumber decliners by a margin of about seven to six.

Apart from very minor declines in energy stocks, utilities and real estate, every group is up today. Techs are at the top of the bargain hunting list, pushing industrials up 1.7%. Financials have gained about the same
amount, too.

Miners and pipelines are strong. The old economy stocks are getting a boost on expectations of further rate cuts in the U.S. after a weaker than expected U.S. jobs report and recessionary signals in the Purchasing Managers Index report.

The top trader, yet again, is take-over target Gulf Canada. It is off just 1¢, but has moved 36.4 million shares in that direction.

Nortel Networks is driving the tech trade, up 1.4% on a mere 2 million shares. Analysts are still slugging it out over these stocks after Morgan Stanley’s influential downgrade earlier in the week. CIBC World Markets
weighed in today, cutting JDS Uniphase to a hold from strong buy. But WR Hambrecht is defending the stock, reiterating its strong buy call on JDS.

Another tech, Celestica Inc., announced a three-year, $500 million supply agreement with French electronics maker Sagem SA and said it will acquire Sagem’s Czech Republic facility for the manufacture and repair of mobile handsets as part of the deal.

Joining Nortel in some strong buying are C-MAC, Certicom, Descartes Systems, Microcell and REsearch in Motion. Other winners include Methanex, Decoma, Ultra Petroleum, Transalta and Vasogen.

Financials are another source of strength today. Most names are up, but the banks are getting most of the attention. Bargain hunting and a stronger economic picture are helping these stocks. Bank of Nova Scotia is leading the way. It’s up 2.8% on 1.2 million shares. Bank of Montreal has gained 4.7% on 1.1 million shares, and Royal Bank is up 1.2% in active trading.

The gains is RBC come amid news that it will issue $200 million in non-cumulative preferred shares to be used for general corporate use and to increase its Tier 1 capital. The bank will issue eight million preferred
shares at $25 per share in a deal led by RBC Dominion Securities, and expected to close on June 20.

There are losers today of course, but the momentum is modest and generally focused on individual stocks. Losers include Boardwalk Equity, Cryptologic, Hemosol, Primetech Electronics, Bell Canada International, Co-Steel, Hollinger and Teck.

The CDNX makes it unanimous for the bulls today. It’s gained 15 points to 3331. Volume is strong there at 20.1 million shares. Oils and miners are up, but its techs are weak. Phoenix Capital Inc is the top trader, up 25% to $1.00 on 1.5 million shares.

In New York, the tone is much the same. Some strong bargain shopping in techs and cautious increases in the broader market. The Dow Jones industrial average is up 25 ticks to 10898. The NASDAQ composite index has gained 33 points to 2118.

In business news, Geac Computer Corp. says it will raise $20 million in equity to help pay off its $37 million in bank loans, which are due by September 30.