Stocks are higher at midday, lifted by stronger retail and wholesale sales. The S&P/TSX composite index is ahead 105 points to 8,316.

Statistics Canada reported that March retail sales gained 1.2% gain, and wholesale trade jumped 4.6%. Economists said that the numbers indicate the first quarter closed with strong consumer action, which should give second quarter growth a boost.

South of the border, the Conference Board’s indicator of consumer confidence rose slightly, but was below expectations, while the University of Michigan consumer sentiment index came in flat.

Toronto volume is moderate at 110 million shares, with buying swamping the selling by a margin of almost three to one. Market breadth is strongly bullish too, as winners outnumber losers by about 35:22.

The gains are broad-based today, with every sector higher apart from telecoms and consumer staples. Miners are up 2.4%, golds have added 3%, materials have jumped 2%, as have energy stocks.

The day’s big gains are largely coming in the core companies that benefit from strong global economies. Alcan has added 2.3%, EnCana is up 3.2%, Inco is up 3.1%, and there are heady gains in Barrick, Suncor Energy, Precision Drilling, Cameco, Nexen, First Calgary, Husky Energy, Iamgold, Wheaton River and Golden Star Resources.

One notable loser is Abitibi, which is down 3.7% on fear that it could run into labour strife after talks with one of its unions broke down. Nexfor is down, too.

The heavyweight financials are also up more than 1%, on the expectation that the banks will report stronger earnings later this week. The banks are being led by a 2.3% in Scotiabank. There are also solid gains in Royal Bank, Manulife, CIBC and TD Bank.

On the tech side, Nortel is up 3.2%, and Research in Motion has added 4.5%.

Bakbone Software is still weak, as is Geac.

Other stocks in recovery mode include Alliance Atlantis and Angiotech Pharma. But, there is selling in Torstar, Air Canada, Bennett Enviro, CFM Majestic, QLT, Opti Canada and Zenon Enviro.

In M&A news, Petro-Canada has agreed to acquire a 29.9% interest in the Buzzard oil field in the North Sea for US $840-million. Petro-Canada’s share of peak production is expected to average approximately 60,000 barrels per day.

On the financial front, Descartes Systems Group reports that it has completed the audit of its consolidated financial statements for the fiscal year 2004. The audited financial statements reflect a reclassification of the increase in allowance for doubtful accounts. No adjustments were required to any audited results for earlier years.

Caribbean Utilities Company reported that year-end 2004 earnings grew slightly to $20.41-million, despite an unplanned midyear tariff rate reduction, and planned increases in operating and interest expenses.

In New York, today’s rally is more subdued. At midday, the Dow Jones industrial average is up 22 points to 9,981. The Nasdaq composite index has added five points to sit at 1,928.

The junior S&P/TSX Venture composite index is also making gains today. It is up 18 points to 1,599. Volume is on the light side there too at 22.6 million shares. ECU Silver is leading the way, jumping 4.5¢ to 42¢ on volume of 742,000 shares on news that it has acquired an 87% interest in a mill, and will raise up to $500,000 for a joint venture project.