Canaccord Genuity Group Inc., Canada’s largest nonbank brokerage, rose the most in two months after posting profit and revenue that beat analysts’ estimates.
Canaccord climbed 4.9 percent to C$7.04 at 9:52 a.m. in Toronto, the most intraday since April 15 and the best performance in the 248-company Standard & Poor’s/TSX Composite Index. The shares have slid 9.8 percent this year.
Net income fell for the second straight quarter as the firm took a C$22.4 million ($18 million) charge for restructuring costs, Canaccord said Tuesday in a statement after the close of regular trading.
The net loss for the period ended March 31 was C$26.3 million, or 33 cents a share, compared with profit of C$25.9 million, or 22 cents, a year earlier. Adjusted profit, which excludes some items, was 5 cents a share, topping the 3 cent average estimate of five analysts surveyed by Bloomberg. Revenue fell 8.4 percent to C$232.5 million, compared with estimates of $206.3 million.
Canaccord expects to name a top executive by the end of September following the unexpected death two months ago of Chief Executive Officer Paul Reynolds, Chairman and interim CEO David Kassie said on a conference call Wednesday with analysts.
“We are engaged in a diligent selection process and we expect to appoint a new chief executive officer during the first half of fiscal 2016,” Kassie, 59, said.
Reynolds, 52, who’d been CEO of Canaccord since 2007, died in April after a health incident during the swim portion of a triathlon in Kona, Hawaii.