Markets remain mired in the summer doldrums today. At midday, the TSE 300 is down just three points to 7,679.

Volume is an anemic 43.5 million shares, with sellers outpacing buyers five to three. Losers hold a 17 to15 edge on winners.

Not surprisingly, there’s not much action among the TSE’s 14 sub-indices either. Golds are leading the way down, joined by the tech-led industrials.

Energy stocks are up a bit, as are consumer plays, merchandisers and conglomerates. But none of the moves are dramatic.

Nortel Networks is sliding back today, down 3.5% in active trading. It is leading the techs lower, joined by C-MAC, Celestica, Zi Corp., Pivotal, Sierra Wireless, Telesystem International Wireless and Microcell.

Other losers include names such as Bombardier, Confor, Transat AT, Alliance Atlantis and Enserco Energy Services.

On the upside, Centrefund Realty is higher in active trading. Rio Alto and Bank of Nova Scotia are among the volume leaders on the upside.

Other gainers include JDS Uniphase, Marathon Canada, Biomira, Bell Canada International, Stackpole, Cryptoplogic, Alcatel, MDS, and Liquidation World.

A merger announced this morning will see Agricore and United Grain Growers combine to create Agricore United, Western Canada’s leading agribusiness. Agricore and UGG estimate that cost savings under the combined company will be in excess of $50 million annually.

Under terms of the agreement, members and shareholders of Agricore will be converting their equity into approximately 20.5 million shares in UGG. The total number of shares outstanding will rise to approximately 37.3 million shares. The market capitalization of the combined company would be about $450 million, making Agricore United a candidate for inclusion in the Toronto Stock Exchange 300 market index. UGG has been placed under review with negative implications by DBRS.

In New York, markets are sleepwalking. The Dow Jones industrial average is down eight points to 10,409. The Nasdaq composite index is up seven ticks to 2,036. The S&P 500 has gained just a point to 1,207.

The CDNX is also sleepy today, dropping a mere point to 3,066. Volume is light at 12.5 million, this despite a new issue, Canden Capital Corp., which has moved more than 2.5 million shares. It is up 25% to 25¢. Mines are up, with techs and oils flat.