This morning’s trading is lackluster. At midday, the S&P/TSX index is up just 13 points to 6,583.

Volume is an eye-glazing 72 million shares, with buying ahead of selling by a three to two margin. Market breadth is dead even, split between winners and losers.

On a sector by sector basis, there’s modest strength in real estate, financials and consumer stocks. Golds and diversifieds are a bit weaker. But there’s not
much momentum either way.

Manulife is leading the financials higher with a 2.3% gain on decent volume of 1.3 million shares. Sun Life is also stronger, as is takeover target Canada Life. But there is some weakness in the banks, with Royal Bank and Scotiabank down in active trading. Fairfax is up another 2%, too.

Apart from the financials, Nortel is pushing a modest gain of 2% gain on very weak volume of 6 million shares. Weighing against Nortel, though, is CGI Group, Cognos, Royal Group Tech, CAE and Ballard Power, which are down.

Other gainers include Bombardier, International Forest Products, Southwestern Resources, Bonavista Petroleum, Canadian Tire, and Loblaws.

On the downside, Kinross is weaker, as is Cott, Macdonald Dettwiler, Goldcorp and Baytex Energy.

In M&A news, Black Pearl Minerals Consolidated has agreed to acquire Falconbridge’s 20% net profit interest in 16 patented mining claims. The
price includes a one-time cash payment payable upon commencing commercial production and royalties beyond that.

The S&P/TSX Venture index is down, dropping two ticks to 1115. Volume is better in the small caps, with 21 million shares trading. American Bonanza
Gold is the top trader, up a penny to 34¢ on almost 1.4 million shares traded.

In the U.S., stocks are also trading higher in a lazy session. The Dow Jones industrial average is up 45 points at midday to 8,099. The S&P 500 has added three ticks to 858. The Nasdaq composite index is four points higher at 1,325.