Without direction from U.S. traders, it’s a quiet trading session on Canadian markets. The S&P/TSX is up 15 points to 7,876, following some positive news on the current account surplus.

Toronoto volume is very light, about half a busy day, with 69.9 million shares traded. The buying is outweighing the selling by a margin of nine to five. Market breadth is close to even, with winners holding a razor thin 51:50 margin over sellers.

Most sectors are showing a small gain. Miners are the only group up as much as 0.5%. Materials and industrials are making some gains, too.

Trusts and utilities are the only groups that are down at midday.

The banks are sliding a bit today on talk that bank mergers may not be imminent, even under a new regime in Ottawa. That uncertainty is leading to a bit of selling in these stocks today. CIBC is 0.7% lower, TD Bank is down 0.3%, and there is some selling in Scotia, too. Royal Bank is up a slightly.

There is strength from Bombardier. It is bouncing back by almost 3%, as traders bargain hunt the beaten up name.

Energy stocks are also making some gains, led by a 0.6% advance in EnCana, on news that the U.K. government has approved a US$2.3 billion North Sea oil project that is being led by EnCana.

There is also strength in Talisman Energy, and Dynatec. However, First Calgary Petroleums is down, as is Hawker Resources and Pengrowth Energy Trust.

Also in the news is Atlantic Canada printer and publisher Optipress, which is gaining 13% on news that Transcontinental Inc, the parent company of Investment Executive, will pay $56 million for the firm. The deal is expected to close in late January 2004.

WestJet shares fell a dime to $27.90 after the company said its vice-president of marketing and sales since its inception has resigned.

Leitch Technologies shares fell 3¢ to $4.65. The company reported a wider second-quarter loss after the markets closed Wednesday.

Hudson Bay Company shares fell 14¢ to $10.86. The retailer is set to report its third-quarter results later in the day. The consensus expectation is for the company to report a profit of 8 cents per share.

In other M&A news, Promax Energy has entered into an agreement with EOG Resources Canada to sell the core property, forming substantially all of its hydrocarbon assets, for $60 million and the assumption of certain equipment lease obligations.

In earnings news, Pan-Ocean Energy Corp says that it earned US$5.2 million in the third quarter.

Steeplejack Industrial Group reported net earnings were $1.3 million, compared with $300,000 for the first quarter of last fiscal year.

The S&P/TSX Venture index is down just a point to 1,660. Its volume is not as hard hit by the absence of U.S. traders, although it is low at 35.6 million hares. Bishop Resources is the top trader, up 5¢ to 22¢ on more than 2.6 million shares.