Sector Update: Industrials; Toromont Files for Approval of Share Buyback, Stantec to Buy Penfield & Smith, Air Canada Names New President of Passenger Airlines
Industrial stocks were mostly higher in afternoon trading, with the S&P/TSX Industrials index up 0.4%.
Air Canada (AC-B.TO): -0.5%
Bombardier (BBD-B.TO): +0.5%
Toromont Industries (TIH.TO): +0.3%
Stantec (STN.TO): +1.6%
Canadian Pacific Railway (CP.TO): -0.3%
In corporate news, Toromont Industries has filed for the Toronto Stock Exchange's approval of its share repurchase program, allowing it to buy back up to 5.7 million common shares, or 10% of public float, for cancellation. The program is for a 12-month period, beginning August 31, 2014 and ending August 30, 2015.
Meanwhile, Stantec has signed a letter of intent to buy Penfield & Smith, a civil engineering and land planning firm in California. Financial terms weren't disclosed. This transaction is expected to close in October.
Finally, Air Canada late Wednesday announced the appointment of Benjamin Smith as the new President, Passenger Airlines. He previously held the roles Executive Vice-President and Chief Commercial Officer.
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