Stocks are sliding Monday, as nervous traders resume taking profits, absent any compelling economic news. At midday, the S&P/TSX composite index is down 30 points to 8,612.

Toronto volume is very light, with just 118.3 million shares changing hands. Downside volume is leading the upside by a margin of about 26:19. Market breadth is also negative, as losers outnumber winners 32:25.

Tech stocks are the weakest group, down about 1.8%. The miners are also about 1.3% lower. There is less dramatic selling in golds, industrials and health care stocks. Energy stocks, including trusts, are higher today, as are REITs.

Nortel is down 0.7% on relatively modest volume of 9.4 million shares. The real weakness in the tech group stems from smaller names such as Sierra Wireless and Open Text, which are both down about 4%. Envoy Communications has lost 6.4% in active trading. BCE is down about 0.6%, too.

Teck is leading the mining group down, sliding 1.6%. Inco has dropped 1.5%. Noranda is down 1%.

There is weakness in golds, led by smaller producers such as Agnico Eagle, Bema Gold, Golden Star Resources and Cambior.

Lorus is leading the health care stocks down, dropping 8% in active trading, although there is no news from the firm.

Financials are active traders today. Investors don’t seem too impressed by CIBC’s pledge to spend $50 million to clean up its reputation. The bank’s stock is up just 0.2% on the news.

The bank says that it has invested an additional $50 million to implement sweeping governance and reputational risk initiatives designed to reduce risk. The move comes after a succession of market scandals have all seemingly touched CIBC in some way. Last month, it replaced the head of its wholesale division, David Kassie.

TD Bank has gained 0.3%, and Royal Bank is flat in active trading. Traders are more focused on the start of bank earnings season later this week. On that basis, they are cutting their opinions in Bank of Montreal and Scotiabank, which are down 0.7% and 0.6%, respectively. National Bank has dropped 1.1%. Insurer Manulife is down a bit, too.

On the upside, energy stocks are generally leading the way. Big names such as EnCana, Penn West and Petro Canada are all up. The sharpest gains are coming in names such as Canadian Superior Energy. It has jumped 15.6% after revealing some drilling results that obviously have traders excited.

There are also gains in Pembina and Altagas, and in other old economy firms such as Alcan, Ainsworth Lumber, Tembec, Fording, CP Ships and Quebecor.

Other gainers include Alimentation Couche-Tard, and Biovail has gained back 0.4% in active trading.

In business news, Slater Steel has asked regulators to exempt it from the continuous disclosure requirements as it seeks to delist its common shares from trading on the Toronto Stock Exchange. The company and its subsidiaries sought creditor protection in June 2003, and have announced either the wind-down or sale of its remaining assets..

In labour news, Falconbridge has reached a tentative strike settlement agreement with the Sudbury Mine, Mill and Smelter Workers Union Local 598 at its Sudbury nickel operations.

Draxis Health Inc. has concluded a five-year agreement with its union.

In other biotech news, Neurochem Inc. reports that it posted a $16.8 million loss in 2003.

Danier reports that Daniel Soper, its executive VP and COO, has resigned to pursue other opportunities. Jeffrey Wortsman, president and CEO, will reassume responsibility for store operations, marketing, logistics, distribution and direct sales.

In New York, a lack of economic news, an uneventful speech by Fed chairman Alan Greenspan, and a general nervousness over the market’s valuation has traders taking some profits today. The Dow Jones industrial average is down 47 points to 10,572, on light volume. The Nasdaq composite index is 28 points lower at 2,010.

The S&P/TSX Venture index is also slumping, dropping 38 points at midday to 1876. Volume is lighter today at 46.9 million shares. Oilexco Inc is the top trader, and it is weighing heavily on the market. The stock has dropped 28% to $1.37 on heavy volume of 4.6 million shares, on news that the second well of Oilexco’s U.K. North Sea drilling program, has been abandoned.