Stocks in Toronto moved up slightly by midday, led principally by the tech sector. The Toronto Stock Exchange S&P/TSX index added 20.79 points this morning or 0.31 percent to 6,822.56.

Volume was 131.8 million shares, valued at $1.22 billion. Advancing issues outnumbered declining issues by 476 to 465. Six of the 10 TSX subgroups were up, boosted by a 1.4% jump among tech stocks. Shares of Nortel Networks added 19¢, or 5%, to $3.86. Zarlink Semiconductor Inc. was grew 21¢, or 4%, to $5.32.

The big news in the financial sector was Canada Life Financial’s urging its shareholders to reject a $6.4 billion bid by Manulife Financial Corp. The news benefited both companies. Canada Life’s stock rose 16¢, or 0.4%, to $41.85, and Manulife’s stock increased by 26¢, or 0.7%, to $37.51. Otherwise, in that sector, the banks moved a mere 0.7%.

In the materials sector, Sherritt International Corp. jumped 20¢, or 4.4%, to $4.70, following an announcement that it is cretaing a partnership with Fording Inc. Teck-Cominco Ltd. Westshore Terminals Income Fund and the Ontario Teachers’ Pension Plan Board.

Meanwhile, the energy sector dragged the lift felt elsewhere in the market as it dropped 0.8% due to oil stocks falling after OPEC’s weekend announcement that it will be increasing daily oil output by 1.5 million barrels.

U.S. stocks were flat this morning. Dell Computer Corp. received a ratings downgrade. And an earnings warning from Duke Energy Corp. reversed early advances.

The Dow Jones industrial average rose slightly, just four points, or 0.04% to 8,788.66. The Nasdaq composite index rose 0.79 of a point, or 0.05%, to 1,448.51, while the broader Standard & Poor’s 500 edged down shed 1 point, or 0.12% to 926.50.