TSX Closes Down 36 Pts, But It Could Have Been Worse; Blackberry Most Active; Jean Coutu In Focus


Canada's main stock market, the Toronto Stock Exchange, Tuesday added to the 42 points lost yesterday, but it might have been worse. The index closed today down 36 points, but it was down close to 150 points around midday as concerns emerged that North American stocks markets had risen too much of late given the uncertainty that still surrounds the economic recovery not just in this region, but globally.

Uncertainty about the outlook for U.S. interest rates also appeared to weigh.

Among sectors, most sectors here were lower, but the Metals & Mining one was slightly higher, which might have helped the resources heavy index from capping losses. Blackberry (BB.TO, BBRY) was most active on the TSX, with nearly five million shares traded. It lost 2.75% after strong gains yesterday.

Of commodities, gold closed slightly lower as some market participants appeared to take positions ahead of the release of minutes from the Fed's June policy meeting on Wednesday. They await clues as to when U.S. interest rates might rise. Meanwhile, brent crude fell the most in seven weeks after strong recent gains. West Texas Intermediate also fell.

Earnings story of the day involved Canadian pharmacy retailer Jean Coutu (PJC-A.TO), which closed down 0.45% Tuesday after it reported net profit per share before gains related to the investment in Rite Aid amounted to $0.29 during the first quarter of fiscal year 2015 compared with $0.26 for the same period of the previous fiscal year, an 11.5% increase. But this missed forecasts for EPS of $0.30.

Revenues consist mainly of sales and other revenues derived from franchising activities. Merchandise sales to PJC franchisees made mostly through its distribution centers account for the greater part of revenues. Revenues amounted to $688.6 million during the quarter ended May 31, 2014, compared with $681.6 million for the quarter ended June 1, 2013. It said this increase is attributable to overall market growth and the expansion of the PJC network of franchised stores despite the deflationary impact on revenues of the volume increase in prescriptions of generic drugs compared with brand name drugs as well as the price reductions of generic drugs.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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