July 13, 2011 / 8:15 PM / 8 years ago

CANADA STOCKS-TSX leaps as gold miners ride bullion rally

 * 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] [GOL/]
  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) was up 2.55 percent at C$46.62, while Goldcorp (G.TO) soared 2.54 percent to C$52.12. Eldorado Gold (ELD.TO) 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 miners.
 ($1=$0.96 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)                  

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