Toronto stocks are hanging onto opening gains. At midday, the TSE 300 is up 31 points to 7,720.

Volume is average at 86.5 million shares, with buying edging the selling by about 13:11.

Market breadth is split about the same as the volume, but in the opposite direction, with losers outnumbering winners by 25:22.

Techs and industrials are leading the way higher at midday, both up about 2%. But there’s also plenty of strength in consumer names, financials, health care and utilities. Hope for better corporate profits down the road is driving the gains.

On the downside, energy is the real weak spot, down about 2.3%. News of the coup overnight in Venezuela has driven oil prices down on speculation the country will start pumping oil like mad under a new regime. Venezuelan President Hugo Chavez resigned last night. The resignation prompted the end of a strike at the nation’s state oil company, which had disrupted exports during the week.

Encana is down about 2.2%, following the oil price down. Suncor Energy is off about 3%, there’s also weakness in Olympia energy, Precision Drilling, and assorted royalty trusts.

BCE continues to take a thumping from traders today. It is down another 2.5% on 4.1 million shares.

Other losers include Crystallex, Tesco, Co-Steel and Alimentation Couche-Tard.

Financial stocks are rebounding today. Positive talk about banks in Europe has apparently spread. The big banks are all up about 1% on strong volume. CIBC has gained 1.1% on 1.25 million shares, while Royal Bank has gained 1.2% on 1 million shares.

Apart from the banks, there’s also strength in senior gold producer, Barrick Gold. Bombardier is up about 3.5%, too. Other gainers include Kinross, Cognos, ATI, BCE Emergis, Transforce and CN Rail.

Contrans is a big gainer today, adding 14% on news that it will reorganize its capital and the create an income fund that will complete an initial public offering of approximately $80 million. The offering will be made by a syndicate led by BMO Nesbitt Burns.

CoolBrands International is up 2.6% in active trading, on news that net earnings for the second quarter were $3,646,000, as compared with net earnings of $1,837,000 for the same period last year.

In other news, TVX Gold has completed its previously announced $75 million bought deal to a syndicate of underwriters, led by BMO Nesbitt Burns Inc., and including Griffiths McBurney & Partners, Canaccord Capital Corp., Scotia Capital Inc., TD Securities Inc. and Sprott Securities Inc. Net proceeds will be used for general corporate purposes.

In New York, traders haven’t been quite as successful in hanging onto their opening gains. At midday, the Dow Jones industrial average has slipped into negative territory, down five points to 10,171. The Nasdaq composite index is clinging to a 12 point gain to 1,738. The S&P 500 is also barely in the black, up three ticks to 1,107.

The S&P/CDNX index is also holding a tiny gain, up a single point at 1,159. Volume is heavy in the small caps at 23.1 million shares. Dasher Energy is the top trader, up 1¢ to 12¢ on 2.1 million shares.