TORONTO (Reuters) - The Toronto Stock Exchange's benchmark index sprinted late in yesterday's session to a record high, boosted by take-over speculation surrounding Canadian Pacific Railway and rising energy and gold-mining issues.The S&P/TSX composite index closed up 201.65 points, or 1.4 percent, at 14,583.66 — the first time it has cleared the 14,500 mark. It surpassed its previous high, set last week, by 87 points.

CPR acknowledged it has been approached by Brookfield Asset Management Inc. about a possible take-over but it said it had rejected the advance and is not in take-over discussions. The company's shares were up C$11.95, or 15.5 percent, at C$89.

The Brookfield news "added more fuel to the fire as to which company would be next," said Elvis Picardo, investment strategist at Northern Securities Inc. in Vancouver.

"And given that we've had market bellwethers like Alcan and BCE succumbing to take-overs in recent weeks, no company is safe apart from the big five banks."

CPR rival Canadian National Railway was the second-biggest weighted gainer overall, up C$3.35, or 5.8 percent, at C$60.65, as it too attracted attention.

The industrials sector leaped four percent.

Late in the session, data showed a larger-than-expected drop in US gasoline stocks. The price of crude oil jumped more than a dollar and the TSX energy sector followed suit, adding 1.8 percent.

Canadian Natural Resources led the way, advancing C$2.87, or 3.9 percent, to C$75.67.

Meanwhile a slumping US dollar lifted spot gold prices, which helped the TSX gold-mining group to its biggest one-day gain in several months.

It spiked 4.2 percent, led by Barrick Gold, up C$1.79, or 5.4 percent, at C$35.24.

Added Picardo: "It's debatable whether this is the final big blow-off rally before things turn south, but certainly the market's strength is very impressive."

Market volume was 432 million shares worth C$9.6 billion. Advancers outpaced decliners 941 to 648. The blue chip S&P/TSX 60 index closed 12.13 points, or 1.5 percent, higher at 839.16.