Stocks were only slightly lower Wednesday as concerns about Europe returned to the forefront and the euro fell to a four-month low.
The S&P/TSX index had recovered to within 6.80 points of breakeven at 12,699.58 by the close.
The Canadian dollar remained negative 0.03 cents to 98.36 cents U.S.
Gold stocks caught fire as Centerra Gold gained 4% to $6.29. Barrick Gold triumphed 2% to $29.91.
Tech stocks also gained strength as BlackBerry Inc. climbed 2.3% to $15.01, while CGI Group hiked 2% to $27.22,
Financials took a beating, however, as AGF Managements tumbled 5.9% to $10.82.
Energy stocks dipped as Imperial Oil took on 14 cents, or 0.3%, to $42.00, while rival Niko Resources spiked 9.5% to $5.57.
Specialty food company Premium Brands Holdings Corp. is increasing its quarterly dividend 6.3% to 31 cents per share. Its stock rose 28 cents to $17.95.
Investors received diverging opinions about Agrium Inc. from two major proxy advisory firms.
Glass, Lewis & Co. LLC has recommended that its clients vote for all 12 of nominees put forward by the Calgary-based fertilizer company, while Institutional Shareholder Services says they should vote for two of five alternative nominees proposed by dissident shareholder Jana Partners.
Agrium shares fell 68 cents to $99.73.
On the economic calendar, Statistics Canada reported that consumer prices rose 1.2% in the 12 months to February, following a 0.5% advance in January, mostly due to transportation prices, which rose 2.0% on a year-over-year basis in February, after falling 0.5% in January.
ON BAYSTREET
The TSX Venture Exchange moved into the green 1.76 points to 1,097.79
In all, eight of the 14 Toronto subgroups finished positive, led by gold, shining 1.7% brighter, information technology, clicking 1.2% higher, and materials, gaining 1%.
The half-dozen laggards were weighed mostly by financials, 0.8% poorer, metals and mining, down 0.6%, and health-care, 0.4% to the bad.
ON WALLSTREET
U.S. stocks pared earlier losses Wednesday to trade mixed as investors continue to monitor the situation in Cyprus.
The Dow Jones Industrials dipped 33.49 points from Tuesday’s all-time record at 14,526.20
The S&P 500 index backtracked 1.60 points to 1,559.95, within a few points of its all-time closing high, reached in October 2007. The tech-heavy NASDAQ Composite turned positive 4.04 points to 3,256.52.
Shares of JPMorgan, Citigroup and Bank of America all fell.
In corporate news, shares of Cliffs Natural Resources were down nearly 15%. The stock, which has been the worst performer in the S&P 500 this year, was hit with two analyst downgrades Wednesday.
AOL rose almost 8% after an analyst at Barclays upgraded the stock. Shares of the online content firm are up more than 30% so far this year.
Shares of SAIC rose after the defense technology firm reported a quarterly profit late Tuesday and announced a special $1 U.S. per share cash dividend payment.
European markets were down sharply, driven lower by the banking sector. Shares of Deutsche Bank fell 4% on a rumour that the German bank could have its credit rating downgraded.
Some experts said investors are concerned that there will be a bank run in Cyprus when banks reopen Thursday after being closed since March 16. Some form of capital controls will be applied when the banks eventually reopen. Details are due to be published later Wednesday.
The island nation agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector in return for a €10-billion European Union bailout.
On the economic front, the U.S. National Association of Realtors said pending home sales, a measure of purchases that have not yet closed, fell 0.4% in February. Economists had expected the index to have risen 2%, according to a Briefing.com consensus of economist forecasts.
NAR said the limited number of homes for sale in certain parts of the country was holding the market back. Despite the drop in February from March, the index is up 8.4% versus February 2012.
Prices on the 10-year U.S. Treasury powered ahead, lowering yields to 1.85% from Tuesday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices finished higher by 18 cents to $96.52 U.S. a barrel.
Gold prices hiked $10.70 to $1,606.40 U.S. an ounce.
