At midday, the S&P/TSX index is up just four points to 6558. Volume is strong though at 105 million shares, with buyers outnumbering sellers by about three to one. Market breadth is certainly negative, with losers outpacing the winners by a margin of five to four.

The strength is centered on the techs today, with that group up almost 4%, following gains in U.S. techs. The techs have been getting some attention on
hope of a U.S. economic recovery. The financials are also making notable gains.

But there is some widespread weakness. Telecoms, golds and health care stocks have all dropped more than 1%. And, there is some modest selling in utilities, energy and diversified names.

Nortel Networks has produced a massive 42.7 million share-trade. It’s up about 12.4%. It is followed by strength in Celestica, JDS Uniphase, Wireless Matrix, Ballard Power, Cinram and World Heart.

Weighing against the Nortel rally is a big drop in Quebecor World. It’s down more than 8%, with Quebecor stock itself down more than 9%. Both its CEO and CFO are hitting the bricks. Charles Cavell, president and CEO, wants to retire at the annual meeting in April 2003. Christian Paupe, executive vice-president, CFO and chief administrative officer, has informed the board of his intention to explore other career opportunities.

The financials are all heading higher ahead of more earnings reports from the big banks. CIBC and TD Bank are leading the way with 1.3% gains. There are also more modest gains in Scotia and Bank of Montreal. Sun Life has jumped 2.4%, and there are gains in Manulife too.

Apart from Quebecor, there is also selling in names such as Barrick, Meridian Gold, Brascan, Shoppers, Biovail, Noranda, Methanex and Transalta. Canadian 88 and Cameco are up however.

In earnings news, ID Biomedical recorded an unaudited net loss of $4.7 million last quarter, as compared with a net loss of $2.9 million for the same period in 2001.

Datawest Solutions reported its loss for the quarter improved by 61% to $500,000 compared with a loss of $1.3 million for the comparable quarter
last year prior to restructuring and other charges incurred this quarter. The company incurred restructuring and other charges of $8.9 million in the
third quarter, which resulted in an overall loss for the quarter of $9.4 million.

Akrokeri-Ashanti Gold Mines says its third quarter net loss was US$1,618,822, compared with US$697,027 last year.

In financing news, Dalsa has completed its previously announced treasury and secondary common share offering to a syndicate of underwriters led by Yorkton Securities Inc. for gross proceeds to the company of $18.4 million.

On the small cap side, the S&P/TSX Venture index is down three points to 942. Volume is average at 14.4 million shares. IBI Corp. is the top trader, flat at 4¢ on 1.1 million shares.


In New York, trading has been up and down throughout the morning. At midday, the Dow Jones industrial index is down 43 points to 8762. The S&P 500 is down seven ticks at 924. The Nasdaq composite index is off by four points to 1465.