CANADA STOCKS-Gold rush pushes the TSX to higher close

Fri Apr 30, 2010 5:34pm EDT
 
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* TSX ends up 0.09 percent at 12,210.70; ends week lower

* Canada gold stocks soar, up 7 pct this week

* Greece, Goldman Sachs eyed for weekend developments (Updates to close)

By Ka Yan Ng

TORONTO, April 30 (Reuters) - Toronto's main stock index ended slightly higher on Friday as strong gold stocks helped it hold gains in the face of profit-taking in most other sectors.

Gold stocks have been key supports of the index this week, handily outperforming the rest of the market with a 7 percent rise. The price of gold hit a 2010 high above $1,180 an ounce on Friday in a flight to safety bid spurred by concern over whether a rescue plan for Greece will emerge and news that Goldman Sachs faces a criminal investigation. [GOL/]

Barrick Gold (ABX.TO: Quote) jumped 2.95 percent to C$44.30, while Iamgold (IMG.TO: Quote) gained 4.12 percent to C$18.18. Kinross Gold (K.TO: Quote) added 2.37 percent to C$19.40. The index's materials group, home to gold producers, was up 1.38 percent.

Executives at gold miners said the momentum will continue due to strong profit outlooks and signs that prices for the metal could be set to top last year's record highs. [ID:nN30206235]

"There's appetite once again for Canadian gold stocks. We've seen gold do quite well recently," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...