Resource stocks helped pressure the Toronto stock market Wednesday as prices for oil and metals backed off while the latest reading on American durable goods orders missed expectations.
The S&P/TSX Composite Index collapsed 157.05 points, or 1.3%, by noon to 12,354.99.
The Canadian dollar acquired 0.31 cents at 100.76 cents U.S.
The energy sector lost ground with Cenovus Energy down 54 cents to $35.72 while Canadian Natural Resources shed 36 cents to $32.99.
The base metals sector declined as copper prices fell eight cents to $3.80 U.S. a pound. Teck Resources lost 65 cents to $35.09 while First Quantum Minerals gave back 32 cents to $18.52.
The gold sector weakened while Barrick Gold Corp. faded 36 cents to $43.32 and Agnico-Eagle Mines fell 22 cents to $33.08.
Railroad stocks fell alongside mining stocks with Canadian Pacific Railway down 93 cents to $76.97 and Canadian National Railways dropped 82 cents to $78.95.
The telecom sector alone added support with Rogers Communications ahead 24 cents to $38.72.
In corporate news, CVTech Group Inc. dropped to a loss of $1.4 million in the fourth quarter as it booked a non-cash goodwill impairment charge of $2.9 million. That compared to a profit of $3 million a year ago. The company builds and maintains electrical transmission lines in Quebec and the eastern United States and its shares were off three cents to $1.10.
Canadian Helicopters Group Inc. had a $10.2-million profit in the fourth quarter, a far cry from the $28.8 million loss the company handed in a year earlier. The Montreal-based company’s revenue for the quarter grew by 60% to $68.9 million.
On a per-share basis the net income for the quarter amounted to 78 cents per share -- blowing past the consensus estimate of 42 cents per share compiled by Thomson Reuters. Its shares ran ahead $1.72 to $29.16.
Crocodile Gold Corp. has signed a deal to buy two mines in Australia from AuRico Gold Inc. in a deal worth up to $105 million, the companies said Tuesday. Crocodile Gold said deal will add 155,000 to 175,000 ounces of production for 2012 to bring the company to between 230,000 and 250,000 ounces for the year. Crocodile shares surged six cents or 12.24% to 55 cents.
ON BAYSTREET
The TSX Venture Exchange gave back 26.55 points to 1,548.51, while the Nasdaq Canada index was 6.68 points shy of Tuesday’s close at 414.89
All but one of the 14 Toronto subgroups were negative by midday. Metals and mining stocks were off 3.8%, while their cousins in the global base metals sector were down 2.7%, and materials sank 2.2%.
The lone gainer was in telecoms, ahead 0.6%.
ON WALLSTREET
In New York, equities meandered down Wednesday as investors were disappointed by a report on durable goods that missed expectations.
The Dow Jones Industrials shed 93.35 points midday to 13,104.40.
The S&P 500 dipped 13.43 points to 1,399.09, while the Nasdaq plummeted 25.44 points to 3,094.91
Stocks have rallied in 2012 on improving economic data and easing concerns about the debt crisis in Europe. With the year's first quarter of trading ending Friday, the Dow has climbed 8%, the S&P 500 has gained nearly 13% and the Nasdaq is up more than 20%.
Family Dollar Stores reported quarterly earnings of $1.15 a share on $2.5 billion U.S. in revenue. The results were slightly better than analyst estimates.
Annie's Inc., the organic food maker known for its macaroni & cheese, surged shortly after it started trading under the ticker BNNY on the New York Stock Exchange Wednesday. The company priced shares at $19 U.S., above the established $16 to $18 U.S. range. Annie's has sold five million shares for its initial public offering.
Vocera Communications also debuted on the NYSE Wednesday, and its shares quickly spiked more than 40%.
In matters economic, the February report on durable goods orders showed that orders increased 2.2% in February, less than the 2.8% expected by economists.
At 10 a.m. ET, Treasury Secretary Timothy Geithner began testifying before a House Appropriations subcommittee on the Treasury budget.
The price of an average gallon of regular gas surpassed the $3.90 U.S. mark Wednesday, according to the latest daily survey conducted for the motorist group AAA. Prices are now within a dime of the $4 U.S. threshold after 19 consecutive increases.
The price on the benchmark 10-year U.S. Treasury gained back lost ground, pushing the yield back down to 2.17% from 2.19% Tuesday. Treasury prices and yields move in opposite directions.
Oil for May delivery caved $2.06 to $105.27 U.S. a barrel.
Gold futures for April delivery fell $11.30 to $1,673.60 U.S. an ounce.
