Stocks are enjoying a modest rebound today, as the market is reading the news flow as marginally positive.

The TSE 300 is up 23 points at midday to 7,398. Volume is light at 76.3 million shares, with buyers outpacing sellers by about three to two. Winners hold a very slight edge on losers.

Techs are leading the way higher, up 2%. Energy stocks are bouncing today, and most of the other gains are really very minor.

The downside pressure is coming in miners, real estate and transports, but the selling is rather subdued too.

Nortel Networks is leading the techs higher. Sentiment in that sector is recovering as Cisco holds an analyst meeting. Nortel is up about 2.3% in strong trading. Joining Nortel is Celestica, JDS Uniphase, Exfo Electro and Cognicase.

BCE is up a little in active trading, as is Westcoast Energy, Alberta Energy, and names such as CFM Majestic, CP Ships and Boliden.

Bombardier is up almost 5% on news that the consortium of Bombardier Transportation and Alstom Transport has received an order for 18 TGV Duplex train sets from the French National Railway Company for $491 million. Bombardier’s share is about $88 million.

On the downside, Bank of Montreal is continuing its slow grind southward. Notable names on the downside also include Inco, Placer Dome, CN Rail, CGI, Cognos and Tembec.

Bell Canada International is down another 13% on yesterday’s news of its recapitalization plans.

In other business news, George Weston has completed the sale of 9.6 million 5.8% preferred shares for gross proceeds of $235 million.

In New York, markets are holding onto modest gains. At midday, the Dow Jones is up 15 points to 9,779. The Nasdaq composite index has added 15 points to 1,919. The S&P 500 is flat at 1,130.

The CDNX is making small gains today too, up better than five points to 3,085 on volume of 15.5 million shares. Oils are leading the way, with minor gains in techs and mines. Wise Wood Energy is the top trader today, gaining 95% to 39¢ on more than 2.5 million shares.