Toronto stocks were flat Monday as gains in energy issues were offset by a disappointing earnings forecast from Alcan. At midday, the S&P/TSX composite index was up 9.05 points, or 0.10%, at 9,054.17.

Volume was just at 64 million shares as U.S. markets were closed for Martin Luther King Day.

Seven of the 10 TSX groups were higher at midday.

The materials group, made up of gold and base-metal miners, was down 0.72%. Aluminum producer Alcan, fell $3.39, or 6.61%, to $47.91.

The company said on Friday it was expecting a 30% drop in earnings per share for the fourth quarter of 2004 from the third quarter.

Nortel Networks weighed on the technology group, which slid 0.75%. Shares of the telecommunication equipment maker were down 14¢, or 3.47%, at $3.90.

The consumer staples group was down 0.20%. Coolbrands International, plunged 18% before recovering slightly after the maker of frozen desserts reported a 48% drop in first-quarter profit late on Friday.

Coolbrands shares dropped 73¢, or 7.24%, to $8.13.

Among the session’s gainers, industrial stocks were up 0.49%, helped by a 7¢, or 3.1%, jump in Bombardier , which climbed to $2.33.

The transportation equipment maker said today it was awarded a $45 million order from two companies in Germany for 16 trams.

Energy stocks rose 0.84%, as oil prices climbed in Europe. Encana was up 44¢, or 0.63%, at $70.15.

The junior S&P/TSX Venture composite index was also flat at midday, up just 0.60 of a point at 1,792.72. Volume was 38 million shares.