Gains by metals and mining stocks are giving a lift to the Toronto Stock Exchange at midday. The S&P/TSX composite is currently ahead 17.27 points at 8,862.3.

Inco is up 50¢ at $48.50, while Noranda is ahead 35¢ at $23.05.

Technology stocks were mainly higher, with Tundra Semiconductor up 65¢ to $27 and Sierra Wireless advancing $2.22 to $43.41.

Energy stocks are posting gains. Petro-Canada is up 76¢ to $60.21 and Canadian Natural Resources has advanced $1.31 to $76.25.

Shares in Air Canada are unchanged at $1.48 after the carrier’s new controlling shareholder offered its non-union workers a compromise on planned changes to the insolvent airline’s pension plan.

In economic news, Canada Mortgage and Housing Corp. reported another strong month for the housing industry in February.

CMHC said housing starts in urban areas rose to just over 214,000 on a seasonally adjusted projected annual rate in February, up about 20,000 from January.

The junior TSX Venture Exchange is up 0.49 points at 1,916.48.

In New York, the Dow Jones industrial average is ahead 28.30 points at 10,623.85.

The tech-heavy Nasdaq composite is off 0.12 of a point at 2,047.51. The broader S&P 500 index is ahead 0.96 of a point at 1,157.82..

U.S. markets are getting a lift from merger and acquisition activity. BellSouth Corp. announced it would sell its stake in 10 Latin American wireless operations to Spain’s Telefonica SA for US$4.2 billion in cash and US$1.5 billion US in assumed debt.

One of the biggest losers is Martha Stewart Omnimedia as its shares continued to spiral in the wake of the founder’s conviction of obstructing justice and lying to the government. The stock is off 8.5% to US$9.94, on top of Friday’s 23% plunge.