July 12, 2011 / 9:19 PM / 8 years ago

CANADA STOCKS-TSX pushes higher as golds gain

   * TSX gains 54.32 points, or 0.41 pct, to 13,234.07
 * Golds lead rally on safe-haven buying
 * RIM could do better as two businesses - analyst
 * Couche-Tard hits record high after results top estimates  (Adds details, background)
 TORONTO, July 12 (Reuters) - Toronto’s main stock index closed higher on Tuesday, led by gains in gold-mining issues as the TSX 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.
 Nakamoto 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 Tuesday’s session 54.32 points higher, or 0.41 percent, at 13,234.07.
 The index mounted a modest rally after comments from U.S. Federal Reserve officials suggested the possibility of more stimulative policies. [ID:nN1E76B18T]
 But gains were pared as Moody’s downgraded Ireland’s credit rating late in the session, reminding investors that Europe’s debt problems are still very present. [ID:nN1E76B1I8]
 In individual company news, Research in Motion RIM.TO closed up 1.18 percent at C$27.52. RBC Capital Markets said the BlackBerry maker should split itself in two to accelerate innovation and unlock shareholder value. [ID:nN1E76B0M3]
 The call by RBC came just hours before RIM’s annual shareholder meeting in Waterloo, Ontario, on Tuesday evening. Investors are eager for news about how the company intends to reverse its sagging fortunes. [ID:nN1E767100]
 Alimentation Couche-Tard Inc (ATDb.TO), Canada’s biggest independent convenience store operator, posted a lower quarterly profit but topped market estimates, sending its shares up 6.27 percent to close at C$29.85, a record high. [ID:nN1E76B03K]
 ($1=$0.97 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway and Rob Wilson)                                        

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