Stocks up in Toronto

Golds are the strongest group, up almost 2% on a rebound in the metal. Industrials, utilities and merchandisers are also strong. The financial sector is up almost 1%, driven by the mutual funds which are up 5.7%.

Mackenzie Financial is the big mover. It’s up $1.60 on strong volume. The takeover rumours have cooled but a takeover appears to be inevitable and investors seem to be stocking up in anticipation. C.I. Fund Management is also up notably.

On a sector basis pipelines are leading the downside, followed by real estate and energy stocks. Laidlaw remains a hot trader, down 8% on 3.6 million shares today.

Takeover target CTV Inc. is down 35¢ on 2.5 million shares. There remains a good deal of speculation about competing bids for the firm, or other deals within the industry to allow the BCE bid to go forth.

The techs are making all the big price moves today. 724 Solution has added $10 on news of a deal with Bank of Montreal. Book retailer Indigo to sell books and stuff through wireless devices. The usual suspects among Canadian tech royalty are up too, including Research in Motion, Ballard Power, Sierra Wireless, Cognicase, Descartes Systems and Infowave Software.

Corel is up more than 18% after CEO Michael Cowpland hit the campaign trail to soothe investors about the future of its deal for Inprise. The deal is believed to be in jeopardy by some because an Inprise director resigned in protest.

On the downside BCE Emergis, JDS Uniphase, ATI Technologies and Biovail are all off sharply.

In business news, printer, publisher, and owner of this website, G.T.C. Transcontinental Group, reported better than expected profits for the first quarter. Net income hit 32¢ per share, up from 20¢ in the quarter last year, and ahead of analyst expectations of 26¢.

Canadian Western Bank is reporting earnings of $3.51 million. That incudes a $3.05 million charge from brokerage subsidiary Canadian Western Capital Ltd., which it sold to Goepel McDermid last quarter. After absorbing that loss return on equity was just 8.12% in the period.

Empire Co is reporting third quarter earnings of 57¢ per share, up from 32¢ in the period last year. Bracknell Corp reports earnings of 8¢ per share up from 5¢ per share last year for the first quarter.

Small caps are strong again today, with the CDNX up 30 points to 4,281.

In the U.S. its another mixed market day today, techs up, cyclicals down. The Dow is of 29 points at midday to 9,828. The NAsdaq has added 47 points to 4,944, flirting with 5,000 once again. The S&P has added nine points to1,375.