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,
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
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