Bulls and bears are battling to a draw today. At midday the S&P/TSX index is flat at 6,637.

Volume is heavy at 154.5 million shares, with the buying outweighing the selling by 11:3. Market breadth is almost evenly split between winners and losers however.

Industrials are leading the way higher today, as are real estate stocks, and golds. Corporate news is the big driver of these moves. At the same time, there is some weakness in telecoms and health care. But the declines are quite modest.

Bombardier is the big mover today, gaining 14% on huge volume of 29.4 million shares, following the news that it has lured CN’s Paul Tellier away to head up the firm. CN, on the other hand, has dropped 2% on the news.

Nortel Networks shareholders are also applauding its move to retire a large credit facility. It has gained about 5% on 17.2 million shares. The group’s gains are moderated by weakness in Celestica and Research in Motion however.

The energy group is heading higher today, led by a gain in EnCana. There are also big gains in ARC Energy Trust, Compton Petroleum, Hurricane Hydrocarbons, and Peyto Explorations. Oil prices are higher on global tensions and the messages out of the latest OPEC meeting. Still, oil service stocks are lower, with slides coming in Precision Drilling, and Ensign Resource Services.

Barrick is powering the golds higher, joined by Kinross. But, there is some weakness in Echo Bay Mines, Agnico Eagle, Eldorado Gold and Wheaton River Minerals.

Other gainers include CAE and Molson.

Manulife Financial is backing off some of its recent gains, dropping 1.4% today.

In earnings news, Saskatchewan Wheat Pool reported a first quarter operating loss, prior to interest, securitization and taxes was $11.8 million, compared with a loss of $800,000 in the first quarter last year. The net loss for the period was $15.6 million, slightly better than the comparable $15.7 million loss last year.

In New York, the weak economic numbers and some negative corporate news has pushed stocks down today. The Dow Jones industrial average is 77 points lower at midday to 8,462. The S&P 500 has dropped nine points to 892. The Nasdaq composite has lost 27 points to 1l373.

The small caps are the market’s bright spot today, gaining two ticks to 985. Volume is heavy once again at 21.1 million shares. Venga Aerospace is the day’s top trader, down a penny to just 2¢ on 1.4 million shares.