Toronto’s markets have taken up Europe’s enthusiasm for stocks this morning. At midday, the TSE 300 is up 22 points to 7,352.

Volume is light, as expected, at just 45.6 million shares.

Buyers are outpacing sellers by almost three to one. Winners have a nine to seven edge on losers.

The buying is broad-based today, led by gains in energy stocks. Apart from the specific commodity news in that sector, most of the advances are moderate.

The only groups that are sliding are the financials, led down by the banks, and merchandisers.

The energy sector is the only place where there’s any news. Speculation that Norway and Russia will agree to OPEC-led production cuts has oil prices up, and stocks are rising on that news.

Top gainers include Petro Canada, Suncor, Talisman, Pan Canadian, Ensign Resource Services, Canadian Natural Resources, Husky Energy, Baytex and Precision Drilling.

Traders are snapping up blue chip stocks today, after recent selling discounted them. The leading traders today includes Bombardier, Nortel Networks, Nexen and Hudson’s Bay. CFM Majestic, CAE and Bell Canada International are up, too.

CIBC’s stock is flat in modest trading, on news that it is buying Merrill Lynch’s retail sales force and asset management business for somewhere between $475 million and $650 million.

On the downside, Rothmans is leading the way south on news that it may have competition for a proposed takeover. Bank of Nova Scotia and Clarica are sliding in the financial group. Other losers include Air Canada, Hemosol, Finning, Noranda and Franco Nevada.

The CDNX is also making gains today, up 14 points to 3,087. Volume is light at 10.2 million shares. Technology stocks and miners are leading the way up. Perversely, oils are flat. Andean American Mining is the day’s most active issue, up 6% to 53¢ on 530,250 shares.