CANADA STOCKS-Gold miners drive TSX to near three-year high

Reuters

* TSX rises 53.09 points, or 0.38 percent, to 14,054.74 * Eight of the 10 main index sectors advance * Index up for ninth straight session * Gold-mining shares jump 3.5 percent, at 5-month high * Enbridge climbs after quarterly report By John Tilak TORONTO, Feb 14 (Reuters) - Canada's main stock index climbed to its highest in nearly three years on Friday, boosted by a jump in the bullion price that helped push up gold-mining shares and by a gain in Enbridge after the pipeline company reported quarterly results.

Investors also cheered data showing the euro zone economy grew in fourth quarter, beating market expectations, as strength in Germany and France helped the region's recovery.

Figures indicating a sharp drop in U.S. manufacturing output in January, caused by cold weather, failed to dampen the positive mood.

The rally in the gold-mining sector helped the benchmark Canadian index climb for a ninth straight session. The gold group, which is up about 30 percent this year, hit a five-month high on Friday.

"The market is very resilient. There's a fair amount of cash out there," said Irwin Michael, portfolio manager at ABC Funds. "The economically sensitive stocks, some of the miners and even oil and gas companies, are holding up fairly well." "We believe that the economy is getting better, and people have a little more comfort," he added.

The Toronto Stock Exchange's S&P/TSX composite index was up 53.09 points, or 0.38 percent, at 14,054.74, after reaching its highest since early 2011.

Eight of the 10 main sectors on the index were higher.

Gold producers shot up 3.5 percent, supported by a 1.5 percent gain in the bullion price. In the group, Goldcorp Inc jumped 4 percent to C$30.81, and Barrick Gold Corp rose 2.6 percent to C$22.65.

"Sentiment is changing (for the gold sector)," Michael said. "People were expecting the worst-case scenario, but the worst hasn't come to pass." Financials, the index's most heavily weighted sector, climbed 0.3 percent. Bank of Nova Scotia was up 0.6 percent at C$63.54, and Toronto-Dominion Bank advanced 0.5 percent to C$49.21.

Enbridge reported a fourth-quarter loss, mainly due to losses on hedging contracts, but revenue jumped. The stock was up 0.3 percent at C$47.49.

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