Gold and base metal issues kept Toronto stocks from tumbling Wednesday, despite weakness in the financials and technology sectors.

The S&P/TSX Composite index closed down 18.63 points, or 0.14%, at 13,778.38.

Eight of the 10 major TSX groups lost ground.

But the materials group, home of mining stocks, gained 1.25%.

The base metals sub-group rose 1.40%, as Breakwater Resources Ltd. shares gained 18¢, or 12.86%, to $1.58 on a busy day of trading (18,958,071 shares).

The gold sub-index gained 2.16%, as gold for April delivery rose US$12.10 to end at US$961.0 an ounce on the New York Mercantile Exchange..

As well, Goldcorp Inc. and Barrick Gold Corp. announced today they are continuing with their US$2.7-billion mining project in the Dominican Republic.

Goldcorp shares gained $1.10, or 2.65%, to at $42.54, while Barrick shares added 90¢, or 1.81%, to close at $50.60.

The financials group was weak, falling 0.47%.

CIBC shares lost $1.19, or 1.7%, to end at $69, heading into its annual meeting tomorrow. Meanwhile, Royal Bank of Canada shares lost 29¢, or 0.57%,
to $50.49.

The energy group fell 0.70%, as April’s crude contract fell US$1.24, or 1.2%, to end at US$99.64 a barrel on the Nymex. Crude prices had reached a record high of more than US$102 overnight.

In individual stocks, Nortel Networks Corp. shares lost $1.53, or 13.65%, to close at $9.68, after the technology firm announced it is cutting 2,100 more jobs after Q4 losses of US$844 million.

Magna International Inc. shares dropped $1.49, or 1.86%, to end at $78.51, after it said Q4 profit remained flat, at US$28 million.

The junior S&P/TSX Venture composite index closed up 38.97 points, or 1.44%, at 2,754.46.

The Canadian dollar closed out at US101.97¢ US, up 0.22 of a cent from Tuesday’s close.

In New York, it was a roller-coaster ride for American markets as investors considered Federal Reserve chief Ben Bernanke’s cautious comments on the U.S. economy and hints of more rate cuts to come.

The Dow Jones industrial average closed up 9.36 points, or 0.07%, at 12,694.28.

The S&P 500 closed flat at 1,380.02, down 1.27 points, or 0.09%.

The tech-heavy Nasdaq closed up 8.79 points, or 0.37%, at 2,353.78.