Canadian stock market rebounds on Financials boost, real estate deal

Canada's main stock market advanced Wednesday over a rally in financial shares and a real estate deal inked by the Canadian retailer giant Hudson's Bay Company.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index edged up 63.60 points or 0.42 percent to 15,228.57 points.

The index was bouncing up modestly from Tuesday's dip when five of the eight major sectors moved higher on the closing bell.

Financials, the most weighed sector, led the TSX gainers by 1. 26 percent. Royal Bank of Canada jumped 3.66 percent to 77.80 Canadian dollars (about 62.6 U.S. dollars) per share as the biggest lender in Canada declared dividends after the bank reported record net income of 2,456 million Canadian dollars for the first quarter ended Jan. 31, 2015, up 17 percent from the prior year.

Meanwhile, the trading sentiment was also boosted when Canadian retailer giant Hudson's Bay Company was going to join with two major real estate trusts. Its stock surged 19.74 percent to 26.57 Canadian dollars.

The company announced Wednesday that it has entered into agreements with two other real estate companies to form two joint ventures focused on real estate growth opportunities in the United States and Canada, respectively. And the company said that about 1. 1 billion Canadian dollars can be expected in cash from the deal.

The metals and mining sector added 0.23 percent while the April gold contract trade higher 4.2 U.S. dollars to 1,201.5 dollars per ounce on the Comex division of the New York Mercantile Exchange. The world's biggest gold producer Barrick climbed 1.15 percent to 15.88 Canadian dollars per share.

Other gainers in TSX include Energy and Info Tech, up 0.75 percent and 0.4 percent respectively.

However, healthcare sector led losers by 1.49 percent, when its heavyweights Valeant Pharmaceuticals International, Inc. dived 2. 45 percent to 245.37 Canadian dollars, and Catamaran Corp. lost 1. 04 percent to 65.51 Canadian dollars.

Utilities dropped 0.92 percent as Fortis Inc. plunged 2.23 percent to 38.55 Canadian dollars.

On the currency front, the Canadian dollar went up Wednesday to 0.8050 U.S. dollar, from 0.8003 U.S. dollar on Tuesday.