By James Langton

(April 30 – 13:00 ET) – Markets opened up and proceeded to trade higher, but are selling off a little at midday. Still, the TSE 300 is up 47 points at midday to 8,014.

Traders began the day feeling good about the prospects for corporate profits in light of better feelings about the recovery of the economy in the United States.

Volume is strong this morning at about 85 million shares, with buyers outpacing sellers more than four to three. Winners hold a five to four edge on losers, too, indicating the market’s positive tone.

Today’s gains are heavily centered in tech however, as traders appear to be rotating out of the boring old economy stocks and into the beaten down techs. The TSE’s industrial sub-index is up 3.4% at midday, joined by more modest gains in consumer stocks.

Most everything else is down. Gold is down heavily, as are miners. Conglomerates and utilities are weak too, as traders dump them in favour of sexy techs.

Nortel Networks is up 7% today, leading the tech charge higher. General goodwill toward these stocks seems to be the only explanation. GSI Lumonics Inc. may be the winner of the day, however. It’s up more than 18% in active trading after Barron’s published a story praising the stock as undervalued.

Today’s other big winners are techs such as JDS Uniphase, Tundra Semiconductor, Ballard Power, Research in Motion, EGI and Future Shop.

The big winner in old economy names is Cominco, up almost 6% in heavy trading after the firm revealed merger plans with affiliate, Teck Corp. The combination promises to create the world’s biggest zinc miner with a market capitalization of more than $2 billion.

The new firm will be known as Teck Cominco Ltd., headed by Cominco’s current chief executive and president, David Thompson. Teck already owns just over 50% of Cominco, and it will pay 1.8 shares and $6 in cash for each Cominco share. Teck is down about 9% on the news. Inco and Noranda are up on the news.

Today’s other losers are mostly resource stocks, although 360networks is down in heavy trading. Questions about the company’s financial situation, combined with a big media story over the weekend about executive profiteering are helping nail the stock today.

Other losers today include Barrington Petroleum, Slocan Forest, Brascan, Cogeco, Westport Innovations Inc and Counsel Corp. Sherritt is also down after reporting weaker earnings.

In other news, Quebecor World Inc. reported earnings per share were 27¢ in the first quarter, up 13% over the same period last year.

Geac Computer says it has concluded a long-term arrangement with its banking syndicate that will see the US$37 million owing under its credit facility repaid by Sept. 30, 2001.

In New York, stocks are up, led by the techs. The Dow Jones industrial average has gained 69 points to 10,879. The Nasdaq composite is up 75 points to 2,151. The S&P 500 has gained 14 points to 1,267. Stronger economics and general optimism are fuelling the rally.

Even the CDNX is up a bit today, gaining three points to 3,059. Volume is average at 18 million shares. Techs are leading the way higher, followed by miners and oils. Tropika International Ltd is the top trader, flat at 6¢ on 964,500 shares.