By James Langton

(April 10 – 13:00 ET) – Markets opened higher on little more than a renewed global optimism, but they’ve held in, and powered higher all morning. At midday, the TSE 300 is up about 156 points to 7,694, a gain of more than 2%

Volume is robust at 79.7 million shares. The action is overwhelmingly positive with up volume outweighing the down by a margin of more than four to one. Winners outnumber losers 11 to seven.

Every sub-index is up today, apart from the safe havens of golds and pipelines. Mines are leading the way, up more than 6%. Industrials have gained more than 3.5%, and there are strong gains in financials, energy and consumer stocks.

All the TSE’s volume leaders are powering higher at midday, led by Nortel Networks, up 5.5% on 6 million shares. Renewed good feelings among analysts for the economy in general, and the techs in particular, seems to be behind the strength.

Within the tech sector, Celestica, Certicom, Pivotal, Siebel, JDS Uniphase, Descartes Systems, Exfo Electro, Research in Motion and Sierra Wireless are all bouncing back strongly.

But the strength isn’t all tech. Assorted market victims are fighting back today. Alcan is powering higher, up almost 9% on 2.6 million shares. Noranda, Inco and Teck are up, too. Renewed optimism for stronger corporate profits appears to be behind the strength.

There’s also plenty of upside action in Encal Energy and BCE. Even poor old Gildan Activewear is shaking off its recent litigation woes to trade higher today.

Financials are of course enjoying all the good market action. They’re also benefitting from analyst hopes for an inter-meeting rate cut in the U.S. this week. Bank of Montreal is leading the banks higher. Indeed, almost every single financial sector stock is up at midday.

Of course there are losers today. They include Meridian Gold, Cogeco Cable, Rogers, Genum, and Axcan Pharma.

Hummingbird has dropped 16% after issuing an earnings warning. The firm is cutting expectations for the second time this quarter, having earlier talked down a US44¢ a share profit estimate to US33¢. It is now saying earnings will be between US16¢ to US18¢.

In New York the rally has been rather relentless today, too. The Dow Jones industrial average has bulled its way back through the 10,000 mark, up 303 points to 10,148.

The Nasdaq composite index is up 110 points to 1,855, a gain of more than 6%. The S&P 500 has gained 32 points to 1,170.

Good vibes that began in Europe with news that Marconi plc beat analyst estimates, and that CSFB is upgrading telco stocks, has carried through the morning.

Hopes for a rate cut and news of a deal between Edison International and the state of California to avoid Edison’s bankruptcy, are also stoking the bullish bias.

The CDNX is cautiously joining the rally today, up just two ticks to 2,897. Volume is strong at 17.6 million shares. Mines are powering higher, with techs flat and oils down a tick. Tropika International Ltd is the top trader however, flat at 5¢ on almost 1 million shares.