CANADA STOCKS-TSX gains as gold miners surge after U.S. debt deal

Thu Oct 17, 2013 10:55am EDT
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* TSX up 8.67 points, or 0.07 percent, at 12,965.88

* Gold miner gain helps TSX rise while U.S. indices slip

* Telecoms weigh after government pushes on roaming, TV bundles

By Alastair Sharp

TORONTO, Oct 17 (Reuters) - Canada's main stock index moved slightly higher on Thursday as investors seemed unimpressed with the short-term deal reached to avoid a U.S. debt default and bought into gold and its miners on an expected delay to U.S. stimulus reduction.

The U.S. Congress on Wednesday approved an 11th-hour deal to end a 16-day partial government shutdown and pull the world's biggest economy back from the brink of a historic debt default that could have threatened financial calamity.

"The reaction to the debt deal was played into the markets yesterday, said Gareth Watson, a vice president for investment management and research at Richardson GMP. "Today is a new day."

The deal funds the government until Jan. 15 and raises the debt ceiling until Feb. 7.

Gold miners led the resource-rich index's gainers, as the price of the precious metal surged 3 percent on a belief that a planned cut in Federal Reserve stimulus may be delayed.   Continued...