Markets are clinging to small gains this morning. At midday, the TSE 300 is up 13 points to 7,634.

Volume remains subdued at 64.4 million shares, with sellers outpacing buyers by about seven to five. The split between winners and losers is almost dead even, though.

Mines are making gains today, and both oils and conglomerates are clawing back a bit, too. But there are no major gains elsewhere, financials are just up a little, as are techs.

The losers include golds, retailers, electric utilities and biotechs. But most sector moves are minor.

Nortel Networks is the top trader today, down about 1% on heavy volume. Despite strength in tech leaders such as Nokia, markets aren’t expecting much joy from Nortel when it announces its latest results after the bell tonight.

Celestica did deliver some joy of its own last night, and it is driving the techs higher today, up 4.2% on 1.1 million shares. But techs aren’t the big movers today, although C-MAC and Delrina are making gains.

Other winners today include a continued bounceback in Alcan. CanWest Global is up, as is Investors Group, Maverick Tube Enserco Energy Services, Cott, Normandy Mining and Cryptologic.

Alberta Energy is up better than 1.5% after it reported record second quarter earnings, cash flow, and sales. AEC achieved second quarter earnings of $215 million, or $1.23 per share diluted, which is 84% higher than the second quarter of 2000. Net earnings before acquisition amortization were $253 million in the second quarter of 2001, which is up 83%.

TransAlta is down more than 6% in active trading, making it one of the day’s big losers so far. It reported net earnings applicable to common shareholders of $59.1 million, 35¢ per share, for the quarter ended June 30, an increase of 17% from the same period in 2000.

The company said, the increase is attributable to increased trading activities in energy marketing and improved performance from generation’s Alberta operations, offset by the impact of unplanned outages at the Centralia plant.

Other weak stocks include Telesystem International Wireless, Kinross Gold, Microcell, Cogeco Cable and GSI Lumonics. Shire is taking the biotechs down.

In other news, the board of directors of TransCanada PipeLines LP has increased the partnership’s quarterly distribution from 47.5¢ per unit to 50¢ per unit for the second quarter of 2001. This represents the second increase in the partnership’s cash distribution since the commencement of operations in May 1999.

Domtar Inc reports that it had net earnings of $76 million or 42¢ per common share for the second quarter of 2001, compared with 33¢ for the corresponding period of 2000. Operating profit dropped to $88 million from $120 million for the second quarter of 2000.

In New York, stocks opened strongly but the momentum quickly subsided and indices are now sliding back toward unchanged.

At midday, the Dow Jones industrial average is up 32 points to 10,602. The Nasdaq composite index has gained a more impressive 45 points to 2,061.

The S&P 500 is up nine ticks to 1,217. Strong results and forecasts from Nokia are boosting techs, as is positive chatter about Cisco Systems Inc.

Canadian small caps are holding gains too, the CDNX is up 10 points to 3,100. Volume is weak at 12.4 million shares. Miners are leading the way higher, overcoming weakness in techs and oils. The top trader is Immune Network Ltd, up 125% to 9¢ on volume of more than 1 million shares.