CANADA STOCKS-TSX gains as stalling U.S. talks boost gold miners

Tue Oct 15, 2013 5:09pm EDT
 
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* TSX up 39.35 points, or 0.31 percent, at 12,931.46

* Lack of progress in U.S. debt negotiations boosts bullion, gold miners

* Lower commodity prices weigh on resource-rich Canada index

By Alastair Sharp

TORONTO, Oct 15 (Reuters) - Canada's main stock index gained on Tuesday, as shares of gold miners jumped after U.S. negotiations to avert a damaging debt default stalled.

Bullion had hit a three-month low earlier in the day as investors bet that a deal could be reached. But as negotiations sputtered ahead of a Thursday deadline, a safe-haven rally for gold in turn boosted Canada-listed gold miners.

"Many of the leading (gold mining) stocks have been beaten down beyond belief, are trading at very attractive valuations and they offer good dividend yields," said Elvis Picardo, a strategist at Global Securities in Vancouver.

The gold mining sub-index, which has declined sharply in recent months, gained more than 3 percent.   Continued...