CANADA STOCKS-TSX higher on Hudson's Bay surge, banks gain too

Wed Feb 25, 2015 4:31pm EST
 
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(Adds strategist comment, updates prices to close)

* TSX ends up 63.60 points, or 0.42 percent, at 15,213.23

* Six of the 10 main index sectors advance

* HBC jumps nearly 20 percent on real estate deals

* RBC rises 3.7 percent after reporting results

By John Tilak and Alastair Sharp

TORONTO, Feb 25 (Reuters) - Canada's main stock index gained on Wednesday as Hudson's Bay Co surged on a plan to carve out its real estate assets and banking stocks rose after Royal Bank of Canada and National Bank of Canada posted solid earnings.

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 19.7 percent to C$26.57.

"They have very, very attractive real estate and I think the market is viewing it as unlocking the value and as a win-win," said Philip Petursson from the portfolio advisory group at Manulife Asset Management.   Continued...