It’s deja vu day for traders today, with most stocks on the Toronto Stock Exchange heading lower, and Nortel Networks single-handedly ratcheting the composite index higher.

At midday, the TSE 300 is up 24 points to 7,627.

Volume is weak at 51.5 million shares, with sellers holding a five to four edge on buyers. The split between winners and losers is about dead even.

The tech sector is the only determined upside today, gaining more than 4%. Conglomerates are up a bit, too, and banks are also rebounding. The market is relatively flat otherwise. Consumer stocks and transports are down notably.

It’s a flashback to summer 2000 at Nortel today, as the stock is up 6.7% on strong volume. The rebound is less a Nortel story and more the result of strength in the networkers generally.

The sector is shrugging off JDS Uniphase’s giant loss, and focusing on signs that the sector may turnaround. Other tech gainers include Celestica, Sierra Wireless, Alcatel, Zi Corp., Primetech and Tundra Semi.

JDS is not shrugging off its own giant loss. It’s down about 8.5% on the news. But it is mostly suffering alone.

A selection of blue chips, including BCE, Sun Life and Alberta Energy are all down modestly. Other losers include Roger Communications and Rogers Wireless, Pivotal, QLT, ATS and Bell Canada International.

In earnings news, TransCanada PipeLines Ltd is reporting net income from continuing operations was $166 million, or 35¢ a share, for the second quarter 2001 compared with $129 million for the second quarter 2000.

In May, TransCanada announced plans to divest its natural gas marketing business. As a result, it has moved the gas marketing business segment into discontinued operations and recorded an associated provision for loss of $90 million against second quarter 2001 earnings. Including this charge, net income was $87 million for the second quarter 2001.

Richmont Mines posted a net loss of $4,351,117, or 29¢ a share, for the quarter compared with net earnings of 9¢ a share, for the same period last year.

In New York, markets are pretty lacklustre. At midday, the Dow Jones industrial average is down 41 points to 10,415. The Nasdaq composite index is more or less unchanged at 2,023. The S&P 500 is similarly flat at 1,203.

The CDNX is on the downside, led by its energy stocks. The index is down five points to 3,070. Volume is weak at 13 million shares, led by C-Com Satellite, up better than 4% to 24¢ on volume of 1.1 million shares.