Stocks are slumping on a combination of profit-taking and resurgent terrorist fears. At midday, the S&P/TSX composite index is 29 points lower at 7,724.

Trading in Toronto has been following the lead of other major international markets, which have been undergoing a bit of a flight to safety move today. Bombings over the weekend in Turkey, and terror threats against Japan, are sending markets lower. Also, some weak earnings news has speeded the sell off along.

Volume is strong again today, with 167.3 million shares crossing the floor. Buying volume is ahead of the selling by a 15:14 margin. Market breadth is decidedly weaker, with losers outnumbering winners by almost three to two.

Despite a flight to safety, gold stocks are slumping, apparently suffering some profit taking. The sector is down about 2%.

Techs are down a similar amount, too. Most other sectors are seeing only small slides.

There is also minimal resistance, with modest gains in utilities, real estate and miners. Nothing is up as much as 0.5% though.

Weakness in technology issues is being driven by Nortel, which is down 3.5% in active volume of 11.1 million shares. Hip Interactive has dropped almost 7% and Sierra Wireless is down 4.5%.

However, Telesystem International Wireless is up 2%, BCE has gained 0.8%, and Ballard Power has added more than 4%.

Crystallex is leading the gold group lower, with a 6% slide. It is joined by weakness in Bema Gold and Queenstake Resources.

There is general weakness in financials, led by the banks. Bank of Montreal is the weakest name, sliding 0.7%. There is also selling in CIBC, TD Bank and Royal Bank.

Other losers include VSM MedTech, Bombardier, Creo and Ultima Energy Trust.

Alcan is leading the resistance today. It is joined by gains in TVI Pacific, Asia Pacific Resources, Thunder Energy, TransCanada and QLT.

Ivanhoe Energy and Ivanhoe Mines are up 7% and 4.6%, respectively, on news that Ivanhoe Mines has received approval to list on Nasdaq. It will trade under the symbol HUGO.

The big corporate news today is word that Conrad Black has stepped down from Hollinger. Hollinger International Inc. has proposed a comprehensive restructuring proposal which includes engaging Lazard Freres & Co. LLC to review and evaluate its strategic alternatives, including a possible sale of Hollinger International.

Hollinger International also announced that it is seeking repayment of US$16.6 million of non-compete payments made to Hollinger in 1999 and 2000 in connection with U.S. asset sales by Hollinger International.

It announced that US$15.6 million of previously disclosed non-compete payments paid in 2000 and 2001 to Conrad Black and David Radler, and other executives will be paid back. Black will remain as non-executive chairman of Hollinger, and he will continue unchanged his role as chairman of the Telegraph Group, Ltd., a wholly owned subsidiary of Hollinger. Radler has also resigned as president and chief operating officer of Hollinger, and as publisher of The Chicago Sun-Times. Gordon Paris has been elected interim president and chief executive officer of Hollinger.

Royal Group Technologies chairman and co-chief executive officer, Vic De Zen, is retiring from his position as co-CEO as of Dec. 18. Douglas Dunsmuir, Royal’s president and co-CEO, will become sole CEO. De Zen will remain chairman of Royal Group, but in a non-executive capacity. Royal Group shares are down about 8.4% on the news.

In M&A news, Richmont Mines has signed two agreements providing the company with the option to acquire two properties in Newfoundland.

Enerplus Resources Fund has entered into a preacquisition agreement to acquire all of the outstanding shares of Ice Energy Ltd. for $123 million plus assumed debt and working capital adjustments.

In earnings news, Wheaton River Minerals posted record net earnings of US$14.7 million for the three months ended Sept. 30, in comparison with 2002 net earnings of US$900,000.

Apollo Gold Corp earned just $528,000 in its third quarter.

Boardwalk Equities Inc. earned $5.1 million in its third quarter.

In New York, stocks are broadly lower. The Dow Jones industrial average is down 101 points at midday to 9,668. The Nasdaq composite index is off 31 points lower at 1,899. The S&P 500 is down 11 points to 1,039.

The S&P/TSX Venture index is eight tics lower at 1,612. Volume remains robust there too at 49.3 million shares. Maude Lake Exploration is the day’s top trader, up 6¢ to 16¢ on almost 1.5 million shares.