Stocks are bounding higher today, as yesterday’s beaten up names enjoy a bargain-hunting rally. The S&P/TSX composite index is up 54 points to 7,941

On the economic front, U.S. retail sales came in a bit richer than expected, but the jobs and inflation data was mixed. There was no major data released in Canada. However, the loonie is sliding precipitously today, and that is boosting some traders’ outlooks for stocks that have been hammered by the hefty currency gains.

Toronto volume remains robust at 143.9 million shares, with buying outpacing selling by a margin of about three to two. Market breadth is almost dead even, with an identical number of winners and losers.

Yesterday’s big losers are today’s big winners. Golds are jumping to a 3.7% gain, followed by 3.6% rally in health care stocks, and a 3% gain in techs. Industrials and materials are up sharply, too.

Miners, telecoms and energy trusts are the only spots of sector weakness.

Notwithstanding the generally supportive tone of today’s trading, a couple of the biggest movers are news-specific losers on heavy volume.

Shoppers Drug Mart is down 1% on heavy volume of 2.7 million shares on news that several of its big shareholders are launching a secondary offering of 4.95 million common shares on a bought deal basis. And, the syndicate of underwriters from an earlier secondary offering will not be exercising the overallotment option to purchase 4.95 million common shares. The underwriting syndicate is led by Merrill Lynch Canada Inc., CIBC World Markets Inc., RBC Capital Markets and Scotia Capital Inc., and also includes BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Credit Suisse First Boston Canada Inc. and Morgan Stanley Canada Limited.

CI Fund Management is also suffering a beating, down 5% in heavy trading, on news that it will not yet be going the income trust route. It said that it has decided to delay the consideration being given to converting the company to an income trust structure. AGF is down more than 3, too.

However, for many other names, recovery is the order of the day. Yesterday’s financial sector whipping boy, Sun Life Financial, has gained back a bit of ground. There is also buying in TD Bank and Royal Bank, too. National Bank is up 1.4%, while Scotiabank is down.

In the gold group, Kinross has jumped 4% today, off yesterday’s selling. Barrick is up 3%, Placer Dome has gained 2.2%. There are also solid gains for Wheaton River, Miramar Mining, Golden Star Resources, Bema Gold and Iamgold.

Biovail is leading the health care sector higher, jumping 9.5% on news that Jimmy Pattison has taken a 2% stake in the stock, but doesn’t plan to seek an active role with the firm. There are also strong gains for Hemosol.

Alcan is rebounding today, too, up almost 2%, there is also strength in CN Rail, Nortel is up 3%, EnCana, Hawker Resources, Algoma Steel and Ivanhoe Energy. Ivanhoe is up 17% on news that it is being added to the S&P/TSX composite index.

On the downside, Inco is weaker, as is Stelco, Gabriel Resources, Major Drilling, Northern Orion, Aber Diamond, Enerflex, Canadian Oil Sands Trust and Summit REIT.

In business news, Canadian Tire has increased its 2003 earnings forecast to a range of $2.95 to $3 per share, compared with the previous estimate of $2.80 to $2.85 per share.

Sherritt reported that it is eliminating its dual-class share structure, effective immediately. All of the 100 multiple voting shares held by Ian Delaney, the chairman of Sherritt, are being converted into restricted voting shares of Sherritt, on a 1-for-1 basis. As a result of this conversion, Sherritt’s sole class of equity shares outstanding will be the restricted voting shares. Sherritt has approximately 131 million restricted voting shares outstanding.

Petro-Canada has cut back its plans for an Edmonton refinery, saying that it will still spend $1.2 billion on the renovation.

Quebecor World is shutting its head office in Connecticut, cutting 50 jobs, to save money.

In other earnings news, MDS Inc. said that its earnings decreased to $48 million in 2003.

Saskatchewan Wheat Pool that its loss for the first quarter of fiscal 2004 was $9.8 million. The net loss in last year’s first quarter was $15.6 million.

Stocks are rallying in New York. The Dow Jones industrial average is up 62 points at midday to 9,984, back within sight of the 10,000 mark. The Nasdaq composite index is 25 points higher at 1,929.