(RTTNews) – Toronto’s main index was stuck in negative territory Wednesday afternoon, led by weak energy and base metal stocks as commodity prices surrendered earlier gains. The S&P/TSX Composite Index dropped 86.50 points or 0.6% to 13,472.70, after gaining nearly 1% to settle at a 28-month high Tuesday. Meanwhile, the Bank of Canada in its quarterly monetary policy report released this morning said a stronger Canadian dollar and lower productivity are restraining the nation’s recovery. The central bank had left its key interest rate unchanged at 1% a day earlier. Suncor Energy (SU.TO) trimmed more than 1% and Talisman Energy (TLM.TO) shed nearly 3%. February crude contract on the New York Mercantile Exchange is marginally down at $91.32 a barrel, after trading as high as $92.10 earlier in the day. Meanwhile, Nexen Inc. (NXY.TO) gained 0.6%. The oil and gas producer said it would sell its entire 65 percent stake in Canexus Income Fund (CUS_UN.TO) at C$6.40 each unit. Canexus shares fell more than 4%. Teck Resources (TCK_B.TO) eased more than 2%. The base metals and coal producer said first-quarter coal sales could be affected by several factors, including adverse weather conditions and a disruption to rail movement in the Rogers Pass area of British Columbia. The company said it expects first-quarter coal sales to be in the range of 5.0 to 5.5 million tonnes, compared to 5.25 million tonnes in the year-ago period. Lundin Mining (LUN.TO) and Inmet Mining (IMN.TO) lost nearly 2% each. Financial stocks were also weak, as traders digested earnings reports from US financial giants Goldman Sachs and Wells Fargo. Scotiabank (BNS.TO) and CIBC (CM.TO) eased 0.7% each. Goldman Sachs (GS) reported fourth quarter earnings of $3.79 per share, sharply down from $8.20 per share a year ago but above expectations for earnings of $3.76 per share. Wells Fargo (WFC) reported fourth quarter net income of $0.61 per share, in-line with expectations. Gold stocks were mixed as the price of bullion kept near $1370 an ounce. Barrick Gold (ABX.TO) eased 0.4%, while Kinross Gold (K.TO) added 1%. Endeavour Silver Corp. (EDR.TO) edged down 0.2%. The miner, which owns two silver-gold mines in Mexico, said it forecasts the seventh consecutive year of production growth as it expects to produce more than 3.7 million ounces of silver and 19,000 ounces of gold in 2011. (RTTNews) – Pareto Corp. (PTO.TO) slipped 1.5%. The marketing firm revealed that it is in exclusive discussions with an affiliate of private equity firm The Riverside Company about a potential sale. The company said it expects an offer of C$2.72 per share. Consulting services provider Stantec (STN.TO) revealed plans to acquire engineering consulting firm QuadraTec Inc. Shares moved up 0.8%. In economic news, Canadian manufacturing sales dropped 0.8 percent in November to C$44.9 billion, according to a release from Statistics Canada. Economists expected manufacturing sales to rise 1 percent, following a 1.2 percent increase in October. US housing starts fell 4.3% to an annual rate of 529,000 in December, a report from the Commerce Department revealed. Meanwhile, building permits — an indicator of future housing demand — rose 16.7% to an annual rate of 635,000, compared to the consensus forecast for a more modest increase to 560,000. by RTT Staff Writer
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