By Jeff Sanford

(April 18 – 18:00 ET) – After trailing throughout the afternoon, the TSE 300 bounced sharply to chalk up a small gain on the day. The composite index ended the session up 15.03 points at 7,960.30.

Among the TSE’s sub-indices, transportation was way out in front on a 7.7% advance in the shares of Westjet and a 4.8% advance in the shares of CN. They closed at $20.30 and $62.86 respectively.

The gold sector also did well, advancing 3.6%, as did metals and minerals, which was up 2.2%. Overall, eight the TSE’s 14 sub-indices advanced. Paper and forest products led on the downside with a 2% decline. while the industrial products sector ended the day off 1.6%.

Market breadth among individual issues was strongly positive, with advancers outpacing deciners 620 to 461. Overall volume was 150 million shares.

Among the most active issues, Nortel led, though it only traded some 6.9 million shares. Close behind was 360networks, which made a major correction after steep declines earlier in the week. Investors piled into the stock today, boosting it 26.98% to close at $2.73. Alcatel announced today it had booked provisions to cover any losses on bond conversions (essentially a loan) at the troubled fibre-optics firm.

Although Abitibi Consolidated announced better than expected earnings today, it slipped 4.44% to close at $12.69.

JDS Uniphase continued to sell off today after announcing job cuts earlier this week. It dropped 8.6% today to close at $30.30.

CI Fund Management did well today, gaining 4.94% at $14.01.

The CDNX was off a slight 6.43 points at 3,026.84. Volume was quite light as 38 million shares. Market breadth was negative, with 232 issues declining and 212 advancing.

The loonie was up a quarter of a cent today to close at US64.72ยข.

On Wall Street markets were split. The Dow Jones industrial average advanced 67.15 points to close at 10,692.35. The S&P 500 also advanced, gaining 5.77 points to close at 1,234.52. The Nasdaq composite index, however, slipped 24.92 points to 2,034.88.