CANADA STOCKS-TSX pushes higher on gold rally

Tue Jul 12, 2011 4:35pm EDT

   * 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)