Stocks are making some gains Wednesday, as bargain hunters are out looking for deals after several sessions of selling. At midday, the S&P/TSX composite index is 24 points higher at 8,629.

Once again, there’s little compelling economic news out today, although comments from Fed chairman Greenspan are catching some notice.

The Fed chair suggested that the U.S. should consider tinkering with Social Security to ensure that the country can meet its future financial obligations.

Despite Greenspan’s comments, trading is rather subdued, with Toronto volume on the low side at just 134.5 million shares. Selling action outpacing the buying by a margin of 22:19. Market breadth is also negative, with losers outnumbering winners by a six to five edge.

Today’s gains are being driven by strong buying in technology shares. The tech index is up 1.7%. Energy stocks aren’t far behind, adding 1.5%. Health care stocks, utilities and consumer names are all notably stronger, too.

Against this, golds are quite weak, down 2%. Telecoms, materials, REITs and financials are all sliding somewhat.

Nortel is powering the gains today, adding 1.8% in decent volume of 9.1 million shares, as traders buy into the idea that techs should be able to grow their profits in the coming year.

Open Text is jumping 5.4%, and there is some strength in Bakbone Software and Ballard Power.

Telecoms are not coming out so well, with notable weakness in Telesystem International Wireless. BCE is up a little.

The energy stocks are the other big area of the strength today, led by a big 3.7% gain in Canadian Natural Resources. It is jumping on news that it managed record annual net earnings of $1.4 billion, compared with $600 million in 2002. It recorded fourth quarter net earnings of $251 million, compared with $209 million for the fourth quarter of 2002.

Even bigger jumps are coming for stocks such as Canadian Superior Energy, up 5%, AltaGas, Storm Energy and Real Resources. There are also 2% gains in names such as Petro Canada and TransCanada. EnCana is up modestly too.

There are also gains in names such as BPO Properties, Alimentation, Vivendi Universal and Tesma International.

Barrick is leading the gold group down, dropping 1.8%. There is also selling in Cambior, Golden Star Resources, Eldorado Gold, Ivanhoe Mines and Dundee Precious.

The financials continue to trade actively, with a slightly negative tone. Royal Bank is down 1.1%. National Bank is weaker on strong volume, and Manulife is down 0.7%. Bank of Montreal and CIBC are both flat.

Great-West Lifeco. is down a bit too, after its sister firm, Investors Group unveiled a bid for IPC Financial Network for $1.95 per share in a mix of cash and stock. Upon closing, approximate ownership of IPC will be between 70% and 85% by Investors Group, 7.8% by each of the firm’s two founders, and up to 14.5% by IPC financial advisers and other management members, depending upon shareholder elections.

There is also some selling in Alcan, Sobeys and Ainsworth Lumber, but the losers are led by a 21.5% drop in Stressgen Biotech. It is plunging on news that it lost $3.8 million in its fourth quarter. For the year, Stressgen lost $16.2 million.

In other earnings news, Rona announced net earnings of $77.9 million for the year. Fourth quarter net earnings soared to $21.2 million.

MDC Partners reported net income was US$16.8- million, which included a pretax net gain on asset dispositions and other charges of $17.4 million, compared with $93.3 million in 2002, which included a pretax net gain of $97.3-million.

Call-Net Enterprises Inc posted a $35.3 million loss in 2003. Adherex Technologies said that it lost $2.7 million in the second quarter.

In other business news, contract talks between Canadian National Railway and the Canadian Auto Workers will resume later today in Montreal.

Teck Cominco’s subsidiary, Teck Cominco Metals, has declared force majeure on its refined lead contracts. The declaration results from damage to the KIVCET lead furnace and boiler at the trail metallurgical operations caused by an explosion. The furnace is still expected to resume production in the second half of March.

In New York, markets have been rather mellow, with little news to drive the trade one way or another. The Dow Jones industrial average is up just 17 points at midday to 10,583. The tech-heavy Nasdaq composite index has gained six ticks to 2011.