Markets are climbing as traders bargain hunt aggressively. At midday, the S&P/TSX composite index is up 113 points to 8, 275.

Volume is much stronger today, with 155.1 million shares traded at midday. The buying action is well ahead of the selling by a margin of 11 to four. More impressively, market breadth is very strong, as winners outnumber losers by about 15 to seven.

Almost every sector is higher today. Only, real estate and utilities are down, and they are only down by about 0.4%.

Miners are enjoying the rally most of all, up 5.3%. Techs are close behind with a 4.4% gain. Golds have gained 2.7%. Financials are also very strong, adding more than 1%, and there is buying in consumer stocks, materials, industrials and telecoms.

The miners are jumping on the feeling that China will continue to drive strong commodity demand. Alcan is up 2.7% on the day, but there are even headier gains in other names. Inco is up 4.5%, Teck Cominco has added 7%, Falconbridge is up more than 5%.

There are big gains in smaller names such as First Quantum Minerals, Dynatec Corp., Westaim, Nevsun Resources, Inmet Mining, and Minefinders.

In other old economy groups, Sino-Forest has added almost 10%, and Domtar is up, too.

However, some of this strength in resources is being offset by selling out of energy names, after OPEC hinted that it might up production and cool oil prices. EnCana is 0.6% lower, and there is selling in Shell Canada, Baytex Energy, Energy Savings Income Fund and Innergex Power Income Fund. Also, Canadian Natural Resources is down 1.7%, after it reported it has agreed to acquire certain light-oil-producing properties in the Central North Sea.

There is also weakness in Masonite International, Alimentation and Neurochem. Neurochem held its annual meeting today, updating its progress on drug development and in the approvals process.

Nortel is leading a rebound in techs, up 4.6% in active trading of 11 million shares. Research in Motion is up almost 6%, and there are strong gains in Sierra Wireless too.

In the financial group, Manulife and Scotiabank are leading the way, up 1.5%. CIBC isn’t far behind, up 1.3%, and there is buying in TD Bank and Royal Bank too.

In earnings news, Canadian Superior Energy Inc. said that it lost $312,000 in 2003.

Stocks are rallying on Wall Street, too. The Dow Jones industrial average is up 108 points at midday to 10,076. The tech-heavy Nasdaq composite index is 34 points higher at 1,932.

The junior S&P/TSX Venture composite index is up 19 points to 1,553. Volume is very light here though, with just 18.3 million shares traded. Anaconda Gold is leading the trade, up 3¢ to 35¢ on 343,500 shares traded.