Traders are afflicted with midday malaise again, today. The S&P/TSX index is up just 11 points to 6558. Volume is quite weak at 82.7 million shares, with selling action doubling up on the buying. Market breadth is close to even, although losers do slightly outnumber winners.

On a sector basis, Golds, techs, utilities and diversified names are weaker. There is strength in financials, telecoms, and consumer stocks. Without much major economic or corporate news, traders are floating around without much direction, apart from war worries.

Nortel is the top trader, today, but it down less than 1% on weak volume of 12.1 million shares. It is joined on the downside by Sierra Wireless, Zarlink Semi, Celestica, ATI and
Ballard Power.

The golds are backing off a bit today, led by a 2% drop in Barrick. Kinross is down 2.4%, despite news that TVX Gold’s shareholders approved the proposed merger of TVX, Kinross and Echo Bay Mines. The combination is subject to conditions including the approval of Echo Bay shareholders and the final approval of the plan of arrangement by the Superior Court of Ontario, both expected to be received today.

There is also weakness in Golden Star Resources, Norske Skog, Talisman Energy and Gauntlet Energy.

The financials are a mixed bag. Royal Bank is sliding a little in subdued trading. But Bank of Montreal is holding up the banks’ honour with a 0.6% gain. Fairfax Financial continues to claw its way back too. Sun Life is up 2%.

Other gainers include BCE, Canadian Tire, CP Ships, TSX Group, Abitibi, Shermag, Potash and Apollo Gold.

In earnings news, TransAlta reported 2002 net earnings of $189.9 million, versus $214.6 million in 2001. Fourth quarter 2002 had a net loss of $54.3 million, compared with net earnings of $46.5 million in fourth quarter 2001.

On the financing front, Sun Media Corporation has settled the terms for a US$205 million private placement of its U.S. senior notes.

Shell Canada’s president and chief executive officer, Tim Faithfull, will retire later this year after more than 36 years of service with Shell. Linda Cook, currently CEO of the Royal Dutch/Shell Group’s global gas and power business in London, will be appointed to succeed him as president and CEO of Shell Canada in July.

In New York, markets have been bouncing all over the place this morning. At midday, the Dow Jones industrial average is up 74 points to 8019. The S&P 500 has gained six ticks to 851. The Nasdaq composite index is still down four points to 1318.

The S&P/TSX Venture index is up five points so far at 1111. Volume is very light there at 16.7 million shares. Aavdex Corp. is the top trader on the day, flat at 3¢ on 692,000 shares.