Profit-taking helped send Toronto stocks lower Tuesday. The S&P/TSX composite index closed down 51.03 points, or 0.4%, at 13,431.30.

All but two of the 10 TSX main groups were lower, led by a 1% drop in the heavily weighted financial services sector.

The telecoms sector was up 2.4%, while utilities gained 0.02%.

BCE shares jumped $1.59, or 4.9%, to $34.23 after reports said the Ontario Teachers’ Pension Plan, a BCE shareholder was in early talks with other investors to mount a takeover bid for BCE.

BCE rival Telus saw its shares rise up $1.69, or 2.9%, to $60.81. Rogers Communications rose 49¢, or 1.2%, to $39.92.

Elsewhere, profit-taking hit the market after the index hit record highs last week and on Monday.

Royal Bank of Canada shares fell 80¢, or 1.4%, to $58.12, while Manulife Financial slid 75¢, or 1.8%, to $40.08.

Energy shares fell 0.2% despite a rebound in U.S. crude oil prices.

Oil prices regained some ground Tuesday after sliding nearly US$3 barrel the day before on expectations of oversupply at a key North American delivery point.

Light, sweet crude for May delivery rose 38¢ to settle at US$61.89 on the New York Mercantile Exchange.

Nexen slipped 88¢, or 1.2%, to $70.50, while Imperial Oil sank 86¢, or 2%, to $43.34.

Materials issues ended down 0.2% despite strength in most base metals due to strong growth outlooks from the United States and China, while gold rose on the back of a weaker U.S. dollar.

The TSX gold sector gained 0.3% as the June bullion contract in New York increased $4.60 to US$681.50 an ounce. U.S. Gold climbed $1.28 to $6.25.

The junior S&P/TSX Venture composite index lost 8.96 points to 3,274.67.

The Canadian dollar hit a new high for the year, climbing 0.45 of a cent to US87.20.

On Wall Street, the Dow Jones industrial average rose for an eighth straight, the longest winning streak in four years, as a rebound in oil prices lifted energy shares and Citigroup gained on expectations of big job cuts.

Reports that Citigroup Inc. will cut at least 15,000 jobs lifted the No. 1 U.S. bank’s shares 1.6%, supporting the Dow

The Dow rose 4.71 points, or 0.04%, to end at 12,573.85. The S&P 500 gained 3.78 points, or 0.26%, to 1,448.39. The Nasdaq composite index advanced 8.43 points, or 0.34%, to 2,477.61.

After markets closed, Alcoa kicked off first-quarter earnings season with an 8.9% increase in profit, helped by resurgent aluminum prices.