Techs led TSE up in morning trading

The storyI is all technology so far today, with the industrials up 2% and the utilities adding 1.5%. Pipelines are up too. The buying in techs is coming at the expense of the cyclicals however. Gold is the biggest loser off 1.5%. It is not alone however, miners, paper stocks and financials are all down too.

Penny stocks continue to dominate the TSE’s volume. There are some strong movers. Kasten Chase is flying high on the tech hype, up 40% on volume of 1.5 million shares. JDS Uniphase, Creo Products, Research in Motion, Certicom and Delrina are all up notably.

Speculative techs are leading the losers today too. Stocks such as 724 Solutions, Infowave Software, BCE Emergis and Informission are all down.

Cinar announced the resignation of its founding co-CEOs this morning in the wake of its film grant fraud scandal. It also announced $122 million in unauthorized expenditures.

Aur Resources says it has abandoned its bid for hostile rival Cambior, noting that it will announce a different deal instead. Waste management firm Safety-Kleen is announcing that it has launched an internal probe of its own accounting systems and has suspended senior
management pending the outcome of the review. Laidlaw, a 44% owner of Safety-Kleen, is taking a hit on the news.

Gold miner turned Internet firm Vengold has announced plans to raise $27.5
million.

In Vancouver the CDNX continues to rock. The index is is up another 91
points today to 4,263.

In New York the techs are up too while the cyclicals are down. Stocks stalled while U.S. Federal Reserve Board chairman Alan Greenspan spoke at Boston College. He reiterated the worries about economic overheating, and said further interst rates are imminent. At midday the Dow is down 101 points to 10,262. Nasdaq is up 27 points to 4,942, on its way to 5,000. The S&P has dropped five points to 1,404.