Some cautious bargain hunting action is pushing the S&P/TSX index up 48 points at midday to 6,748. Volume is modest however at 76.6 million shares, with buying volume more than double the selling. Market breadth is negative however, with losers outnumbering winners by about 15:13.

Most sectors are boasting gains this morning. Tech stocks are up 3.3%, while golds are up 2%. There are also decent gains in industrials, materials and consumer plays. Health care is one exception.

TD Bank is leading the way higher today, up 1.7% on heavy volume of 3.2 million shares. The bank announced this morning that it will aggressively restructure its loan book. Investors apparently like the move, despite the bank confessing that it will lose money in the current quarter, and that the outlook for its investment business isn’t great.

Following TD, there is some strength in Royal Bank. Amvescap is up another 5% today. However, Fairfax Financial is a notable loser.

TD isn’t the only stock experiencing some relief buying. Celestica is up almost 18% after announcing its restructuring plans yesterday.

There are also notable gains in recent S&P 500 evictees, Barrick, Alcan, and Placer Dome. Suncor Energy, Bombardier, Ballard Power and SouthernEra Resources are all up, too.

Earnings results are also boosting the stocks of both Rogers and Rogers Wireless. Shaw is up in sympathy.

Cott is up 5.3% too, after it reported that it increased its net income for the quarter by 32% to US$19.2 million up from US$14.5 million a year ago.

On the downside, Sears Canada is weak, down 2.3% on heavy volume of 1.2 million shares. There is also notable weakness in a broad selection of names from Imperial Oil, Potash, Nexfor and Falconbridge to Open Text, CAE and Fairmont Hotels. Jean Coutu is weaker, too.

TransAlta net earnings came in at $124.9 million for the quarter, compared with $59.1 million for the same quarter in 2001. Net earnings include a gain of $110 million from the sale of the company’s transmission business unit. Earnings from continuing operations were $13.3 million, compared with $47 million in 2001. Removing the impact of one-time charges related to the Wabamun unit four force majeure and prior period regulatory decisions, earnings from continuing operations were $38.6 million.

Tesma International has completed the previously announced sale of 2.85 million subordinate voting shares from treasury at $35.15 per share to a syndicate led by Scotia Capital Inc., and including TD Securities Inc. and RBC Capital Markets.

In New York, a choppy trade has markets mixed at midday. The Dow Jones industrial average is up 35 points at midday to 8,577. The S&P 500 is down five ticks to 901. The Nasdaq composite index is down 11 points to 1,386.

The S&P/TSX venture index is a bit weaker today, too, down four points to 1098. Volume remains stuck in the slow lane though at just 10.2 million shares. Hilton Petroleum is the day’s top trader, up 3¢ to 30¢ on 565,000 shares.