Market indices continue to move in a tight range, as traders await some real earnings news, economic data, or developments in Iraq to give them some direction. At midday the S&P/TSX composite index is up 18 points to 6,436.

Volume is decent at 86.5 million shares, with the buying outpacing the selling by 23:17. Market breadth is close to even, with winners holding a narrow 22:21 edge on losers.

The TSX sector split is also fairly even, with gains coming in techs, financials, health care and industrials. Correspondingly, there is weakness in diversified stocks, golds, and materials.

Abitibi is the day’s top trader for a change. It is down 3.5% on heavy volume of 7.1 million shares. The only news out of the firm is that its hydroelectric plants are being redeveloped to increase annual energy production for its own use and to sell to Newfoundland and Labrador Hydro.

The financials remain trading leaders, too. There is strength in the banks, notably Scotiabank, which is up 1.2% in active trading. There are also gains on volume in Royal Bank, CIBC, Bank of Montreal and National Bank.

Nortel is stronger today, up 1.8% in relatively modest trading. Techs such as Celestica, Zarlink Semi and CGI Group are all up, too. However, Research in Motion and Creo are both down.

Biovail is leading the biotechs higher, up 1.8% in active trading. Axcan Pharma is lower in strong trading though.

There are also gains in names such as Westaim, Hartco Corp., Masonite International Co. and CoolBrands International.

The downside is peppered with names such as Air Canada, Cameco, Cott, Norske Skog, and Placer Dome.

In business news, Thomson has commenced a cash tender offer for all of the outstanding shares of Elite Information Group Inc. for US$14 per share. If the proposed merger is consummated, Elite will become an indirect wholly owned subsidiary of Thomson.

Promax Energy reports that it lost $2.19 million in 2002.

Finning International is reporting a round of musical chairs is underway in the executive suite. Richard Mahler, its executive vice-president and chief financial officer, will retire May 31. Wayne Bingham has been named his successor. And, the president of its power systems division will retire July 31, leading to a string of other changes throughout the firm.

Vaquero Energy says that it will buy back up to 1 million shares, or 2.9% of its float.

In New York, stocks popped on the open after traders got some much better than expected retail sales data. As well, consumer confidence numbers also came in higher than expected. But the rally on those numbers has quickly faded, and the Dow is now up just two ticks to 8,223. The S&P 500 is flat at 872. Nasdaq is four points lower at 1362.

The S&P/TSX Venture has managed a mere one point gain to 1050. Volume is light at 15.1 million shares. Mercifully, Bishop Resources has displaced Spider Resources as the day’s top trader. It is up 2¢ to 10¢ on 1.2 million shares.