The Toronto stock market was lower Tuesday with traders disinclined to add to the sharp gains of the previous session amid mainly lower commodity prices and data showing a slip in American consumer confidence.
The S&P/TSX Composite Index ended its streak by jettisoning 62.86 points to conclude the day at 12,511.83.
The Canadian dollar eased 0.40 cents at 100.52 cents U.S.
Among gold issues, Iamgold slipped 10 cents to $13.24.
Shares in Centerra Gold tumbled $2.48 or 15.4% to $13.65 after cutting its production guidance at its Kumtor mine in the Kyrgyz Republic due to ice movement in the mine's pit that will delay access to a section of high grade ore.
The energy sector dipped with Cenovus Energy down 33 cents to $36.25.
The base metals sector fell with copper prices down two cents at $3.87 U.S. a pound after jumping eight cents Monday. First Quantum Minerals dipped 34 cents to $18.86.
Lower railway stocks helped take the industrials group down with Canadian Pacific Railway down $1.05 to $77.85 after earlier hitting a fresh high of $79.29.
The railway is holding an investor day in Toronto. Executives hope to convince investors that they shouldn't be replaced. CP's largest shareholder, New York hedge fund Pershing Square Capital Management, has expressed displeasure with the railway's performance in recent years.
The company is pushing to elect six proposed directors who are in favour of ousting current chief executive Fred Green and replacing him with Hunter Harrison, the former head of rival railroad Canadian National. CN shares lost 61 cents to $79.79.
In other corporate news, pipeline builder Enbridge Inc. is investing $3.8 billion in a new round of construction to bring oilsands crude to the U.S. Gulf coast and help ease a bottleneck that has led to a glut of supply in the Midwest. It will expand its Flanagan South Pipeline from Flanagan, Ill. to Cushing, Okla. to a 36-inch diameter line with a capacity of 585,000 barrels per day.
Enbridge also said it will twin a jointly owned Seaway Pipeline from Cushing to the U.S. Gulf Coast at Houston. Enbridge shares gained 21 cents to $38.44.
British Columbia miner Copper Mountain Mining Corp. booked $44.7 million of revenue in its fourth quarter, bringing the total for the year to $66.5 million. It's the first year that Copper Mountain has booked revenue from operations.
The Vancouver-based company had $5.6 million of net earnings attributable to shareholders, or six cents per share, for the quarter ended Dec 31. For the full year, the net loss was $12.7 million or 13 cents per share and its shares nicked ahead two cents to $4.75.
The TSX Venture Exchange gave back 6.33 points to 1,575.06, while the Nasdaq Canada index erased 3.73 points to 414.49
All but two of the 14 Toronto subgroups turned negative by the closing bell. Gold slid 1.3%, while materials stumbled 1.1% and the metals and mining group fell off 0.8%.
The two gainers were real-estate, ahead 0.3%, and telecoms, up 0.1%.
In New York, stocks drifted between small gains and losses Tuesday as investors seemed reluctant to push the market higher given the strength of the recent rally.
The Dow Jones Industrials lost 43.90 points on the day to 13,197.70.
The S&P 500 dipped 3.87 points to 1,412.64, while the Nasdaq tripped 2.22 points to 3,120.35
Bank of America weighed on the Dow after the stock was downgraded by Baird Equity Research.
Pfizer led gainers on the index as the Supreme Court takes up the 2010 health care reform law.
Overall, stocks have rallied this year on improving economic data and easing concerns about the debt crisis in Europe. In addition, investors say the market has been supported by the Federal Reserve's monetary policies.
So far this year, the Dow has risen 8%, the S&P 500 has gained nearly 13% and the Nasdaq is up more than 20%.
Lennar posted earnings of eight cents U.S. per share on revenue of $725 million U.S., figures that topped analysts' estimates. The homebuilder said it has seen an uptick in sales and new orders in the first quarter.
Shares of major homebuilders were among the best performers in early trading. Pulte, DR Horton and KB Home were all higher.
Health-care companies were under pressure after Supreme Court justices offered sharply divided views on the controversial individual mandate provision at the heart of the 2010 federal health care reform law. Tenet Healthcare, HCA Holdings, United Health Services were all lower.
Drug-store chain Walgreen reported earnings of 78 cents U.S. a share on $18.7 billion U.S. in revenue, slightly better than analyst estimates.
Shares of private education provider Apollo Group dropped despite reporting earnings late Monday that beat Wall Street estimates.
Morgan Stanley's former CEO John Mack is joining the private equity firm Kohlberg Kravis Roberts as a senior advisor, the firm announced Tuesday.
In matters economic, home prices in 20 major U.S. cities fell to the lowest level since 2002, according to S&P/Case-Shiller.
The index for January dropped 3.8%, after a 4.1% drop in the month prior.
The Conference Board's Consumer Confidence Index for March eased to 70.2 from 71.6 in February.
The price on the benchmark 10-year U.S. Treasury jumped, pushing the yield down to 2.19% from 2.28% Monday. Treasury prices and yields move in opposite directions.
Oil for May delivery lost nine cents to $106.94 U.S. a barrel.
Gold futures for April delivery fell $1.10 to $1,684.40 U.S. an ounce.