Stocks are mixed Tuesday, with a few heavy losers weighing down a more general recovery in stock prices. At midday, the S&P/TSX composite index is down five points to 8,119.

Several of yesterday’s big concerns have eased. Oil prices have backed off a bit. There’s been no big market-shaking news out of Iraq, India’s markets have calmed after Sonia Gandhi said she would not assume the helm of that country.

There is no major economic news out on either side of the border.

Toronto volume remains subdued with just 115 million shares traded, although the down volume is swamping the upside action by two to one. Market breadth is much more positive, as winners slightly outnumber losers 57:52.

With the geopolitical concerns easing, beaten up names are recovering. Miners are up, as are real estate, financials and consumer discretionary stocks. Energy stocks are weaker, and golds are giving back some of their flight to safety bid.

Nortel Networks is weighing on the market once again today, down another 6.4% in heavy volume of 27.6 million shares. It is being hit with news of more class action suits, and a cease trade order in Ontario against management insiders. If there’s good news, it’s that the pain is limited to Nortel. Other tech companies, such as Zarlink Semi, which have been weak recently, are bouncing back today.

The other big story stock of the day is Alcan. It is up modestly, just 0.8%, in strong volume, on news that it plans to spin off a new aluminum rolled products company to shareholders. The proposed distribution will create the world’s largest aluminum rolled products company. Alcan will continue to focus on growing its bauxite and aluminum businesses, as well as its packaging and engineered products businesses.

Elsewhere in the old economy names, there’s strength in miners such as Inco, Gabriel Resources and Noranda. But, golds and energy are down. EnCana is off 2.1%, Suncor has lost 1.8%, and there’s weakness in Talisman Energy, Canadian Natural Resources, Precision Drilling, and Petro Canada.

Among the golds, Barrick is a little lower, but there’s substantial selling in Bema Gold, Kinross, Wheaton River, Eldorado Gold and Glamis Gold.

Other losers include Gerdau Ameristeel, BCE, and CSI Wireless.

Financial stocks are generally higher today, led by a 1.2% gain in Royal Bank. Bank of Montreal and Manulife Financial are up, but TD Bank is flat, and Scotia is down.

Air Canada is up 2.7% on news that it has delivered its final offer to the final union it must settle with, the fiesty CAW. Rival WestJet is even stronger, up 4% on the news.

Other gainers include Methanex, Bioscrypt, Cinram, Jean Coutu, and Gateway Casinos Income Fund. The business trusts generally got a boost on word that the federal government is reconsidering its proposed ban on pension plans investing in these vehicles.

In other news, Canadian Apartment Properties REIT is proposing a 10% share buyback.

Rona reported a record first quarter, with net earnings of $11.2-million, up 94.7% over the year-earlier figure.

SouthernEra said it realized a net loss for the three months of $10-million, compared with a net gain of $400,000 in the first quarter of 2003.

Shell Canada revealed that Clive Mather, currently chairman of Shell U.K. Ltd., will be appointed by Shell Canada’s board of directors to succeed Linda Cook as Shell Canada’s president and CEO.

In New York, the rally is less constrained. The Dow Jones industrial average is up 64 points at midday to 9,971. The Nasdaq composite index is ahead 21 points to 1,898.

The junior S&P/TSX Venture composite index is lower at midday, sliding eight points to sit at 1,542. Volume is on the low side at 21.5 million shares, led by Apac Minerals Inc. It’s up a penny to 46¢ on volume of 1.5 million shares, after it reported some initial drill results.