Toronto stocks have reversed an early loss as traders buy up technology and energy shares. At midday, the S&P/TSX composite index is up 39 points to 8,595, with 99 million shares changing hands.

Advances have the lead over declines 556 to 486.

Information technology shares continue to lead the advance today. The sector is up 1.94%.

The energy sector up 1.39% as investors wait to see if OPEC will go ahead with an April 1 output cut of 1 million barrels per day, in line with a February agreement. Shares of EnCana are up 84¢ at $55.95.

Gold stocks are up 1.15%, while gains in other sectors are more modest.

There are small losses in industrials, consumer staples, telecoms and utilities.

Nortel Networks is leading the tech group higher. It has added 32¢ to $8.05. After the markets closed Monday, Nortel postponed its April 29 annual shareholders meeting because of a previously announced delay filing of its 2003 financial statements. Nortel also said Export Development Canada has waived the right to terminate hundreds of millions of dollars in credit financing until late May.

In the materials group, Domtar is up 15¢ to $15.87.

Barrick Gold has gained 43¢ to $30.83, on the heels of yesterday’s gains. Barrick closed up 30¢ at $30.30, on rumours that Newmount Corp. is preparing a bid for the firm.

Manitoba Telecom is off 15¢ to $48.65 on word that the Toronto Stock Exchange is considering requiring MTS to let its shareholders vote on its proposed takeover of Allstream. The TSX will give its decision tomorrow.

The junior S&P/TSX Venture composite index is off less than a point at 1,854.

On Wall Street, stocks are moving in a narrow range as traders look for signs of strength in the wake of yesterday’s rally.

The Dow Jones industrial average has added about five points to 10,335, while the tech-heavy Nasdaq composite index is off less than one point at 1,992.

The S&P 500 is up one point to 1,123.