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Public asset : 2,059,122,134 USD
Country of residence : Unknown
Biography : Jean Coutu is an entrepreneur who founded The Jean Coutu Group (PJC), Inc., Association Québécoise des Pharmaciens Propriétaires, Quebec Association of Pharmacists-Owners and Fondation Marcelle et Jean Coutu. Currently, Mr. Coutu occupies the position of Chairman at The Jean Coutu Group (PJC), Inc.

TSX steady as BlackBerry rally helps offset energy slump

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09/28/2017 | 11:01pm CEST
Businessmen pass the Toronto Stock Exchange sing in Toronto

TORONTO (Reuters) - Canada's main stock index was little changed on Thursday, squeezing out only a modest gain, with a strong rally in BlackBerry Ltd and Bombardier Inc stocks offsetting a slide in energy issues.

BlackBerry reported stronger-than-expected quarterly results on record sales at its closely watched software unit, sending shares surging 12.8 percent to C$13. BlackBerry was the most influential driver on the positive side for the index, and also helped lift the technology sector 0.8 percent.

The Toronto Stock Exchange's S&P/TSX composite index finished 8.59 points, or 0.06 percent higher, to 15,618.25, and has rallied some 2.7 percent this month.

"In general, the direction has been more constructive than many would have expected because ... September is statistically the worst month of the year," said Sid Mokhtari, market technician and director, institutional equity research, CIBC World Markets.

Six of the index's 10 main groups gained some ground.

Bombardier rebounded from sharp losses in the previous session after the company was dealt major setbacks in its aerospace and rail units. Shares advanced 5.2 percent to C$2.21 as investors focused on British Prime Minister Theresa May's warning to Boeing and potential deals in China. Mokhtari said much of the bad news was priced in earlier as well.

Overall industrial issues rose 0.1 percent.

Valeant Pharmaceuticals International Inc fell 4.8 percent to C$17.09, pushing the healthcare sector down 1.1 percent.

Metro Inc gave back some of yesterday's rally following news it was in talks to buy pharmacy chain Jean Coutu for $3.6 billion. The grocer was down 1.4 percent at C$43.00, while Jean Coutu was off 0.7 percent at C$24.37. The consumer staples group gave up 0.1 percent.

Oil and gas companies finished 0.8 percent lower. Energy stocks lost steam and reversed course as U.S. crude fell 1.1 percent to settle at $51.56 a barrel after climbing as much as 1.5 percent.[O/R]

"Oil is still a good focus for a lot of Canadian PMs ... the complex is viewed as under-owned by a lot of managers," said Mokhtari. "They probably will be adding to the energy sector as it comes under some profit-taking."

Cenovus Energy Inc fell 1.4 percent at C$12.60, while Tourmaline Oil Corp gave back 2.7 percent at C$25.69.

The materials group rose 0.4 percent, while the heavily weighted financials group gained 0.1 percent.

Advancing issues outnumbered declining ones by 156 to 87, for a 1.79-to-1 ratio on the upside.

(Reporting by Solarina Ho; Editing by James Dalgleish)

By Solarina Ho

Stocks mentioned in the article
ChangeLast1st jan.
BLACKBERRY LTD -0.22% 13.41 Delayed Quote.-4.27%
BOMBARDIER, INC. -0.87% 4.585 Delayed Quote.52.48%
DJ INDUSTRIAL -0.57% 26596.53 Delayed Quote.8.19%
ECOBALT SOLUTIONS INC 7.50% 0.86 Delayed Quote.-58.97%
LINAMAR CORPORATION -1.48% 60.49 Delayed Quote.-16.15%
NASDAQ 100 -0.17% 7519.6842 Delayed Quote.17.74%
NASDAQ COMP. -0.26% 7967.5648 Delayed Quote.16.29%
ROYAL BANK OF CANADA 0.02% 104.11 Delayed Quote.1.40%
S&P 500 -0.04% 2929.48 Real-time Quote.9.57%
S&P/TSX COMPOSITE INDEX 0.01% 16226.12 Delayed Quote.0.09%
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