CANADA STOCKS-TSX leaps as gold miners ride bullion rally

Wed Jul 13, 2011 4:47pm EDT
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 * TSX jumps 90.87 points, or 0.69 percent, to 13,324.94
 * Gold-mining stocks surges with record gold price
 (Updates to close)
 TORONTO, July 13 (Reuters) - Toronto's main stock index
finished higher on Wednesday, led up by a sharp rise in
gold-mining shares as investors sought safe havens.
 The price of gold surged to a record high near $1,590 an
ounce as the possibility of more U.S. Federal Reserve stimulus
measures coupled with Europe's deepening debt crisis fueled
bullion's longest winning streak in five years. [ID:nL6E7ID0A7]
  Gold-mining issues have risen with the price of the
precious metal in recent sessions, but the pace has been very
tempered. On Wednesday, investors -- made anxious by Fed
Chairman Ben Bernanke's suggestion that the Fed would consider
additional measures to support the economy if the outlook gets
worse -- were much quicker to push up gold miners, and the
index's global gold subgroup surged 2.49 percent.
 "Investors are now jumping into that sector with both
feet," said Elvis Picardo, strategist and vice president of
research at Global Securities in Vancouver.
 Three gold miners were among the top five most influential
advancers. Barrick Gold (ABX.TO: Quote) was up 2.55 percent at
C$46.62, while Goldcorp (G.TO: Quote) soared 2.54 percent to C$52.12.
Eldorado Gold (ELD.TO: Quote) jumped 5.84 percent.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed 90.87 points, or 0.69 percent, higher at
13,324.94. Seven of the 10 main index sectors gained, led by a
2.15 percent surge in the materials group, home to gold
 ($1=$0.96 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)