Markets are showing little reaction to some decent economic data on both sides of the border today. Canada’s leading indicator came in on the upside, as did reports on U.S. GDP and consumer confidence.

Today’s good news appears to be already priced into the market. The S&P/TSX composite index is up a mere point at midday to 7,849.

Volume remains on the soft side at 126.5 million shares, with buying leading the selling by a 14:9 margin. Winners outnumber losers 28:25.

On a sector basis, there is strength in miners, golds and materials. Techs are higher, too.

Financials are weaker though, following the release of earnings from BMO and Royal. there is also selling in industrials and real estate stocks.

Royal Bank is the biggest market cap mover today, sliding 0.7% in active trading on news that it posted net income of $804 million for its fourth quarter, up $72 million from a year ago. However, the gain in the dollar reduced net income by approximately $20 million. Net income for the year was $3.03 billion.

Bank of Montreal reported a $1.8 billion profit for the year, including fourth quarter net income of $513 million, up from $398 million in the quarter last year. It is down 1% on the news.

Elsewhere in the group, TD Bank is down 1.7%. However, CIBC is up a bit on speculation that the strong investment banking revenues that drove RBC and BMO’s profits, will benefit it, too. Manulife is up 0.6% in active trading, and TSX Group is higher in active trading as well.

The other big news is word that Canfor Corp. is buying rival Slocan Forest Products Ltd. for $447 million in tock. As is typical in M&A deals, the target, Slocan is jumping, up 35.6% on the news, while Canfor is down about 2%. Norske Skog is up 5% on the news, and the SFK Pulp Fund has added 3.8%.

Bombardier is down 3% on news that Pierre Lortie, the president of its transportation unit, is resigning to pursue other interests.

Nortel is leading the tech stocks higher, gaining 2% in active trading. BCE Emergis is up strongly, too, but there is weakness in Sierra Wireless and Cedara Software.

Other gainers include Cameco, Barrick Gold, Cambior, Ivanhoe Mines and Ivanhoe Energy. But, on the downside, there is weakness in Bolivar Gold, Northern Orion Resources, TransCanada, First Calgary Petroleums, and Northern Orion Exploration.

In financing news, Lions Gate Entertainment proposes to raise $50 million through a private placement of convertible senior subordinated notes.

In New York, stocks have been trading around their opening values all day, as traders just hand around waiting for the holidays. The Dow Jones industrial average is down just four points at midday to 9,743. The Nasdaq composite index is unchanged at 1947, and the S&P 500 is up to points to 1,054.

The S&P/TSX Venture index is the day’s biggest mover, gaining 15 points to 1,625. Volume is strong at 42.9 million shares, with Pacific Comox Resources leading the way. It is up 6¢ to 19¢ on 2.6 million shares.