Traders got their long-anticipated speech from U.S. Secretary of State Colin Powell at the UN today, but it didn’t do much to lift the veil of uncertainty on the Iraq situation.

Powell appeared to lay the ground for a new UN resolution giving the U.S. authority to attack Iraq, but did not make the case for an imminent threat from Iraq. He also didn’t clarify the timing of any conflict.

After the speech, the S&P/TSX index is little changed, up just two points to 6,547. Volume has been decent this morning, with 99.3 million shares changing hands. The down volume has trumped the up volume by a 24:19 margin. Market breadth is also negative with losers edging winners by eight to seven.

Nervous traders have not made any big bets one way or another. There is some strength in techs and industrials. Golds and energy plays are weaker, but few sectors have moved as much as 1%, as traders digest the implications of Powell’s speech and await responses from other security council members.

Gold stocks are off, with Newmont Mining down 0.9% in heavy trading. Kinross and Barrick are lower in active trading, too, and there is selling in Nevsun Resources and Thistle Mining.

At the same time, other mining stocks are stronger. Inco is higher at midday, as is Lionore Mining and Miramar Mining. Alcan is stronger, and there are gains in Talisman Energy, Progress Energy, CP Rail, Bombardier and International Forest Products.

In the information technology group Nortel is flat in relatively light trading. There are gains in Celestica, Cognos and Teknion.

The downside is a mixed bag, with drops in First Service Corp., Jean Coutu, Investors Group, Shaw Communications, Southwestern Resources and Quebecor World.

In earnings news, Brookfield Properties reported that total funds from continuing operations and gains for the year 2002, increased to $374 million, compared with $334 million for 2001. The 2002 results included $60 million in gains on the sale of 50% interests in Bankers Hall in Calgary and Exchange Tower in Toronto, while 2001 results included $55 million in gains on the sale of partial interests in Fifth Avenue Place in Calgary and in Brookfield’s Boston portfolio.

Also, Saskatchewan Wheat Pool’s medium-term noteholders have approved a capital restructuring plan that gives the company stability and is the final step in a financial recovery plan the pool began several years ago. The restructuring will also see the pool make changes to its governance structure, including the appointment of four independent directors. The capital restructuring plan is expected to close on March 15.

The S&P/TSX Venture index is down eight points to 1,122. Volume is on the light side at 22.4 million shares. American Bonanza Gold is the top trader, down a penny to 36¢ on almost 1.1 million shares.

In New York, traders rallied stocks on the open today, and they were still higher when Powell had finished speaking.. The Dow Jones industrial average is still up 71 points at midday to 8,084. The S&P 500 has gained seven points to 855. The Nasdaq composite index is up 17 ticks to 1,323.