CANADA STOCKS-TSX rises, reversing earlier losses; Hudson's Bay jumps

Mon Jun 15, 2015 11:13am EDT
 
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(Updates throughout with market reaction and strategist comment)

* TSX up 7.78 points, or 0.05 percent, to 14,748.93

* Six of the TSX's 10 main groups were down

By Solarina Ho

TORONTO, June 15 (Reuters) - Canada's main stock index held steady on Monday, paring earlier losses, as sectors like the influential materials group, turned positive, offsetting a retreat by other groups including energy.

Hudson's Bay Co was among the biggest gainers, surging 9.5 percent to C$26.28 after the Canadian department store operator said it was buying German chain Kaufhof from Metro for 2.8 billion euros ($3.2 billion).

The deal also includes an arrangement with Simon Property Group to buy at least 40 of Kaufhof's properties for C$3.3 billion.

The overall consumer discretionary group remained lower, however, slipping 0.3 percent.

At 10:55 a.m. EDT (1455 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 7.78 points, or 0.05 percent, to 14,748.93, after spending much of the morning session deep in the red.   Continued...