Markets are little changed today, although volume is robust. At midday, the TSE 300 is up a mere three points to 7,635.

Volume is strong at 70 million shares, with buyers outpacing sellers five to three. Losers slightly outnumber winners, however.

On a sector basis, transports are up a bit, as are banks and techs, but there’s not much upside momentum. Golds are weak again today, as are consumer stocks, led by biotechs. Insurers are down, limiting gains in the financial group.

The story of the day is Future Shop. Its stock is up better than 46% on news that Canada’s biggest electronics retailer is being taken over by its opposite number in the U.S., Best Buy. Volume so far is 5.5 million shares

Future Shop’s big payday is a real anomaly today, as most of the market’s other moves are minor. Among the top traders, Bombardier is posting gains.

Banks such as CIBC and Royal Bank are up as traders enjoy more liquidity in Japan and see rate cuts in Europe and North America. Manulife is down, however.

Techs are making some gains, led by Nortel Networks, up 1.3% in relatively light trading. Celestica is gaining, too, as are Research in Motion and ATI. Other gainers are a mixed bag made up of Heroux-Devtek, Cameco, Tesco, Sobeys, Stackpole and MEC.

The market’s losers are a similarly eclectic group, including names such as CP, ATS and Alcan, among the big traders. Notable downside is also evident in Domtar, Tembec, Riverside Forest, Zenon Enviro, Placer Dome, Cogeco, Oxford Properties and GTC Transcon.

In earnings news, Industrial-Alliance Life Insurance Company reported second quarter net income of $26 million (69¢ per common share), a 13% increase compared with the second quarter of 2000.

In New York, markets are mellow, as traders sit on their hands. The Dow Jones industrial average has gained 15 points to 10,431. The Nasdaq composite index is up just over a point to 1,984. The S&P 500 is flat at 1,192. The optimism at this morning’s open, which was fuelled by the big Japanese rally and the resilient retail sales report stateside, has evapourated into another quiet day.

The CDNX is flat, gaining two points to 3,075. Volume is soft again at 11.6 million shares. Miners are up, oils are flat, techs are down a touch. Conquistador Mines is the top trader, dropping 50% from 2¢ to 1¢ on volume of 417,000 shares.