By James Langton

(February 6 – 13:00 ET) – Toronto stocks are modestly higher today on broad-based buying. At midday, the TSE 300 is up 48 points to 9,354.

Volume is strong at 83 million shares, about five to two in favour of buyers. Winners outnumber losers about 27 to 20.

Every sub-index on the TSE is up today apart from golds and paper stocks. However most of the gains are moderate.

Industrials, conglomerates, consumer stocks and energy plays are up notably.

The top trader today is Mackenzie Financial, up 15¢ to $29.22, on huge volume of 7.34 million shares. Although the stock hasn’t yet breached its proposed takeout price, rumours of a hostile bid from the Caisse de dépot et placement du Québec continue to swirl, keeping the stock hopping. Investors Group is up 2% in heavy trading, too, this morning.

After a weak opening, Nortel Networks is back in the black at midday. The stock is up 0.56% on 3.4 million shares. This morning the firm announced that it will swap about $3 billion in stock for a Zurich-based optics plant from JDS Uniphase.

For its part, JDS has received permission in the U.S. for its merger with SDL. JDS is up on the news, as are techs such as Pivotal, Exfo Electro, Delrina, Janna and Ballard Power.

Other strong names include stalwarts such as Bombardier, CHUM, Lafarge Canada and Ballard Power.

The downside is rather thin today, including names such as Tundra Semi, PRI Automation, Telus, Chapters, Manitoba Telecom and ATCO Ltd.

In New York, stocks are climbing in anticipation of the release of Cisco Systems’ earnings report after the bell. The Dow Jones industrial average is up 65 points to 11,030, finally peaking above the 11,000 mark again.

The Nasdaq composite is up 62 points to 2,705. The S&P 500 has added nine points to 1,363.

Along with the anticipation surrounding Cisco, the JDS-SDL merger is boosting stocks, as are strong earnings from Walt Disney Co., and news of the approval for Dow Chemical Co.’s buyout of Union Carbide Corp.

The CDNX is bucking the up trend today. It’s down eight points at midday to 3,286. Volume is rather soft at 16.1 million shares.

Mines are down, oils and techs are up a little. The top trader is new name, Vendin One Capital, up 47% to 22¢ on 1.5 millions shares.