With no economic data out today, and U.S. traders on holiday, there’s not much action in Toronto today. The S&P/TSX index is up 24 points to 8718. But volume is a dreadful 73.5 million shares, suggesting that the trade is more or less meaningless.

The buying volume is ahead of the selling by a 41:25 margin. Market breadth is also bullish, with winners outnumbering losers 59:47.

There are no big sector moves either. Health care stocks are moving the most, up 0.6%. There is also some positive action in telecoms, utilities, financials and consumer stocks. Real estate, trusts, energy stocks and miners are all sliding however.

The action in Nortel is indicative of the very light trade today. It is up 0.4% on just 1.5 million shares. It’s not unusual for Nortel to trade 10 times that volume in an ordinary morning. BCE is also up a little, as is Mitec Telecom, Sierra Wireless and Wireless Matric. Certicom is stronger too. However, Cedara Software is weaker.
For a change, Bombardier and Nortel are moving in the same direction, as many blue chips are meandering higher. Bombardier is up 2.2% on more than two million shares. There are also modest gains in names such as Canadian Tire, Shoppers, Stelco and Barrick.

The gold group is being powered by Wheaton River however. It is up 2.7% on news that it recorded a 325% increase in production to 450,000 ounces in 2003, compared with 106,000 ounces in 2002. In 2003, cash costs decreased by 66% and reserves increased by over 60% and resources more than doubled. There is also strength in Bema Gold and FNX Mining.

Royal Bank is leading the financial group higher, gaining 0.5% on news that it has reached a settlement in its dispute with Rabobank concerning their involvement with Enron. Royal Bank indicated that the confidential settlement would result in a reduction to net income after tax of $74 million for the first quarter of 2004. Manulife is higher too, as is Scotia. And, E-L Financial is up almost 3% too. Home Capital has dropped 2.8% however.

The big winner on the day is Procyon Biopharma, which has jumped 21% on some positive results from a phase II clinical trial for its’ therapeutic peptide indicated for metastatic hormone-refractory prostate cancer.

On the downside, Nexen continues its’ slide from last week. Noranda is down 2.3%, and there is weakness in Jaguar Nickel, Falconbridge, Agricore, Teck Cominco, PrimeWest Energy Trust and Livingston Energy Trust.

The lack of trading action belies what has been a rather busy news day nevertheless. Onex Corp. reported that its’ losses grew to $332 million in 2003. Fourth quarter net earnings were $154 million, compared with a $250 million net loss in the same quarter of 2002. The net loss for the year was $332 million, compared with a net loss of $145 million last year. Included in the current year’s net loss are earnings from discontinued operations of $230 million.

Trizec Canada reported net income for the year of $137.8 million vs a loss of $106.1 million for the same period last year. For the fourth quarter of 2003, the company recorded net income of $51.8 million vs a loss of $15.3 million for the same period in 2002.

CP Ships reported that its’ CEO, Ray Miles, will become chairman succeeding Lord Weir after the annual meeting. Frank Halliwell, who is currently chief operating officer, will step up to become chief executive officer. Ian Webber will continue as chief financial officer.

Boardwalk Equities reported that its’ earnings slipped to $7.8 million in 2003. And, it confirmed plans to convert into a REIT.

In other news, Gerdau AmeriSteel has entered into a definitive agreement for the purchase of substantially all the assets of Potter Form & Tie Co., a leading supplier for fabricated rebar and concrete construction supplies. No price was disclosed.
CAE says that it won a U.S. Army contract valued at more than $57 million.
On the small cap side, the S&P/TSX Venture index is also modestly higher today. It has gained seven points at midday to 1904. Volume is holding up better there at 39.4 million shares. Netco Energy Inc. is the day’s top trader, up a penny to 62¢ on 2.6 million shares traded.