Stocks are pulling back a little today, as the market struggles to find some direction with no major economic news on either side of the border. At midday, the S&P/TSX index is down just 10 points to 8,757.

U.S. housing starts were reported on the weak side, while foreign investment flows into Canada in December were a bit disappointing. However, neither report is a big market mover.

Toronto volume is strong, despite the lack of overall price action, with 185.3 million shares trading. The volume is almost dead even between buyers and sellers. Market breadth is a virtual dead heat between winners and losers, highlighting the market’s lack of direction.

On a sector basis, nothing has gained as much as 1%. Miners are the strongest group, up 0.8%. There’s also been a bit of buying real estate and energy stocks. Golds are the only determinedly weak group, down about 1.9% at midday. Techs, materials and REITs are sliding a bit, too, but most sectors aren’t moving much either way.

Inco is leading the miners’ group, gaining 2% at midday. Teck Cominco is up 2.2%, Alcan has added 0.6%. There are also big gians in small names such as Jaguar Nickel, Inmet Mining and Tahera.

Against this, the precious metals are down, led by a 2.9% drop in Kinross. Barrick is down 1.8%, Glamis Gold and Crystallex are down sharply, too. Breakwater Resources has dropped almost 5% on the day.

With the market in a slumber, Nortel is providing a bit of leadership. It has dropped 2.5% in decent volume of 14.5 million shares, as trades take some profits. However, there aren’t many techs following along. BCE is flat, and ATI is actually up a bit.

SR Telecom has gained more than 7% on news that it has completed its previously announced offering with a syndicate of underwriters led by Desjardins Securities Inc., and including TD Securities Inc. and CIBC World Markets Inc. The deal delivers total gross proceeds of $40 million, and the firm added another $4 million in a private placement. The net proceeds from the offering and private placement will be used for general corporate purposes and working capital, and may be used to repay a portion of the company’s corporate debt.

The biotechs remain very volatile. There’s major weakness in VSM MedTech, Procyon Biopharma, Forbes Medi-Tech and Aeterna Labs. However, Medicure is jumping, as is Lorus Therapeutics, Dimethaid, Xillix and Labopharm.

Financial stocks are mixed. Sun Life is down 0.5% in heavy trading on news that its U.S. mutual fund subsidiary is facing yet another regulatory investigation. Against this, Royal Bank is up 0.4%. Other big financials are trading actively, but aren’t moving much.

Bombardier is down just 0.3% on news that president and chief executive officer Paul Tellier has appointed Andre Navarri as president of Bombardier Transportation.

Elsewhere, there is some weakness in Rogers Communications, EnCana, Canadian Superior Energy and Alimentation Couche-Tard.

In earnings news, Goldcorp Inc. reported record earnings of $98.8 million for 2003, an increase of 38% over the previous year.

Canada Bread Co. said that its net earnings for the year were $35.6 million, compared with $38.7 million for the prior year. Net earnings for the fourth quarter increased to $11.8 million, compared with $10.4 million last year. The decline in operating earnings for the fourth quarter was principally due to costs associated with integrating bakery operations in Atlantic Canada, including rationalizing plants and distribution systems. The majority of the restructuring will be completed by the end of the first quarter of 2004.

Niko Resources Ltd. reported net income was $5.1 million, compared with $6.5 million in the 2002 quarter.

In other news, Suncor Energy said that it has reached a three-year deal with members of Communications Energy and Paperworkers Union Local 707.

In New York, stocks opened a bit lower today, and they’ve been meandering around in the same area all day. The Dow Jones industrial average is 16 points lower at midday to 10,699. The tech-heavy Nasdaq composite index is unchanged at 2,080.

The junior S&P/TSX Venture index is showing a little more conviction, dropping 12 points to 1,920. Volume is hefty though, at 51.1 million shares. Kodiak Exploration is leading the trade today, down 3¢ to 31¢ on almost 1.7 million shares.