TSX rises but concerns linger; Hudson's Bay jumps

Mon Jun 15, 2015 5:19pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index tiptoed higher on Monday despite the unfolding Greek debt drama, helped by gains in shares such as Hudson's Bay Co HBC.TO after the retailer announced a $3.2 billion deal for Germany's leading department store chain.

Hudson's Bay jumped almost 8 percent to C$25.89 after the Canadian department store operator said it was buying the Kaufhof chain from Metro (MEOG.DE: Quote) for 2.8 billion euros.

The broader consumer discretionary group was more muted, up just 0.1 percent.

Globally, equity markets fell broadly after the collapse of 11th-hour talks between near-bankrupt Greece and its creditors.

Investors in Canada were also uncertain.

"The market looks like it wants to test the March trough, which comes in just above 14,600," said Fergal Smith, managing market strategist at Action Economics. "So that will be a fairly pivotal spot for the index."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 14.90 points, or 0.10 percent, at 14,756.05. Half of its 10 main sectors gained, and there were slightly more decliners than advancers on the day.

The index is roughly halfway between its September 2014 peak and October 2014 trough, when stocks declined following crude's tumble below $100 a barrel.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch