The market is enjoying a modest, but broad-based, rally today. At midday the TSE 300 is up 42 points to 7824.

Volume is strong at 103 million shares, with buying ahead of selling by almost three to one. Advancers have a 22 to15 edge over decliners.

Miners, oils and transports are dragging on the market, but almost everything else is up. There is particular strength in golds, techs, and paper stocks, which are up about 2% to 3%. Financials are holding modest gains, as is most everything else.

Nortel Networks is leading the techs the way higher. It is up 2.5% on about 5.3 million shares. Strong results from German software firm SAP have sparked optimism about techs in general.

Celestica is up better than 3%, Ballard Power has gained more than 5%. Hummingbird, Westport, Basis 100 and Nexia Biotech are making substantive gains, too.

The tech rally is also getting a strong boost from boring old names such as Franco-Nevada, up 3.7%, and Abitibi, which has gained 4.4%.

Fairfax Financial, Aber Diamond, Kinross, Stuart Energy and Global Thermoelectric are making big gains too. Laidlaw is up 13% after settling a lawsuit with bondholders.

The financials are split, with Fairfax up, and TD Bank making gains in the banking group. Although Royal Bank and Bank of Nova Scotia are down a bit in active trading. Lindsey Morden is down, too.

Losers today include Bombardier, Methanex, Teck Canadian Utilities and Hydrogenics. A crop of yesterday’s winners are now seeing some profit-taking too, including CanWest, ATI and Wi-Lan.

In business news, Alliance Atlantis says it has consolidated the company’s existing television production and distribution activities with its in-house motion picture production and related distribution activities into a new operating group, along with a significant work force reduction.

The firm expects to cut 80 full-time positions, impacting virtually all levels of seniority. The company expects to generate operating cost savings of at least $7 million on an annualized basis, beginning in fiscal 2003, after an estimated $4 million charge for one-time severance costs.

Also, Shermag is reporting that founder Serge Racine has decided to step down as chairman of the board, effective immediately. The Shermag board will choose a new chairman in the near future.

Stocks are rallying in New York, too, with techs leading the way. The Dow Jones industrial average has gained 85 points to 10,236. The Nasdaq composite is up 35 ticks to 2,090. The S&P 500 has gained nine points to 1,170.

The S&P/CDNX index makes it unanimous, with a four point gain of its own to 1,088. Volume is strong there at 20.9 million shares. Look Communications Inc is the top trader, down 14% to 12¢ on 1.5 million shares.