CANADA STOCKS-TSX steady as RBC, HBC gains offset impact of lower oil

Wed Feb 25, 2015 11:01am EST
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* TSX up 2.22 points, or 0.01 percent, at 15,167.19

* Five of the 10 main index sectors advance

* RBC rises 3 percent after reporting results

* HBC jumps nearly 22 percent on real estate deals

By John Tilak

TORONTO, Feb 25 (Reuters) - Canada's main stock index was little changed on Wednesday as gains in Royal Bank of Canada and Hudson's Bay Co offset a drop in the shares of energy producers as oil prices fell.

RBC shares rose 3 percent to C$77.28 after the company posted a stronger-than-expected quarterly profit, driven by significant gains in its personal and commercial banking and capital markets businesses. The strength in RBC helped lift the broader financial sector.

HBC said it will form two real estate joint ventures that will bring in about C$1.1 billion ($890 million) in cash. The stock shot up nearly 22 percent to C$26.99.

Investors also tuned into a fresh round of congressional testimony from U.S. Federal Reserve Chair Janet Yellen. She said on Tuesday the Fed is preparing to consider interest rate hikes "on a meeting-by-meeting basis".   Continued...