July 12, 2011 / 8:39 PM / 8 years ago

CANADA STOCKS-TSX pushes higher on gold rally

   * TSX gains 54.32 points, or 0.41 percent, to 13,234.07.
 * Golds lead rally  (Updates to close)
 TORONTO, July 12 (Reuters) - Toronto’s main stock index closed higher on Tuesday, led up by gains in gold-mining issues as the index reclaimed some of the previous session’s steep losses.
 Persisting worry about the state of the euro-zone debt crisis kept gold-mining shares aloft through the session on safe-haven buying. Golds led the day’s heavyweight risers, but other sectors joined in late in the session after being beaten down earlier.
 Goldcorp (G.TO) rose 4.16 percent to C$50.86, while Barrick Gold (ABX.TO) gained 2.23 percent to C$45.46. Kinross Gold (K.TO) advanced 2.54 percent to C$16.17.
 Seven of the TSX index’s 10 main sectors were higher, led by a 1.78 percent rally in the influential materials group, home to gold miners.
 “We started off wobbly because of fears over Europe, but I think many people believe that the Europeans will not let this event, Greece, morph into a situation where a relatively small country overtakes the region,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 He said Monday’s almost 200-point drop was a “hiccup” after a strong rally at the end of last month. The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished 54.32 points, or 0.41 percent, higher on Tuesday at 13,234.07.
 ($1=$0.97 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)                                        

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