Trading volume is back again today, but point gains are modest. At midday, the TSE 300 is up just eight points to 7,332.

Volume is strong at 112.3 million shares, with buying outrunning selling by 16 to five.

The split between winners and losers is more even, with gainers holding a slight edge.

On a sector basis, golds and miners are up on news of the latest bid for Franco-Nevada from Newmont Mining, which is also seeking Normandy Mining.

Oils are down sharply on news that OPEC production cuts may not materialize, and a price war may be in the offing instead.

Paper stocks and conglomerates are up, as are techs. Pipelines and real estate are sliding a bit, too.

Franco-Nevada is the big trader today, gaining 7% on 10.8 million shares. If successful, Newmont acquistion of Franco-Nevanda and Normandy would create the world’s biggest gold company.

The golds themselves aren’t reacting that strongly to the news, but the broader mining group is, with big gains in Alcan, Inco, and Stelco.

Techs are up again today, with Nortel Networks leading the way. Hope for a profit recovery is behind the gains. Nortel is joined in the rally by Celestica, ATI, 724 Solutions and Research in Motion. There are also run ups in Teleystem International Wireless and Microcell.

Traders are also buying Abitibi, Alliance Atlantis, and Bombardier.

The energy group is weak on commodity price concerns. This is knocking down Baytex Energy, PanCanadian Energy, Penn West Petroleum, Talisman, Imperial Oil, Canadian Natural Resources and Precision Drilling.

The other notable losers include Hudson’s Bay, Nexen and Pacwest Ventures.

In the U.S., stocks rallied heavily on stronger than expected October retail sales, good military progress and the mining M&A story.

The Dow Jones industrial average is up 36 points to 9,787. The Nasdaq composite index is down a point to 1,891. The S&P is also down a point to 1,139.

The CDNX is making gains today, up 15 points to 3,038. Volume is strong at 16 million shares.

Techs are leading the way higher, overcoming weakness in miners and indifference in oils. Epic Energy Inc is the top trader, down 11% to 8¢ on more than 1.5 million shares.