TORONTO – Shares in Air Canada (TSX:AC.B) soared more than five per cent Monday, the first trading day since it was disclosed that the issue was being added to the S&P/TSX Composite Index.
On Friday, Canada’s largest domestic and international airline said that adding the company’s stock to the index effective after the close of trading Sept. 20 had been approved by S&P Dow Jones Canadian Index Services as part of its quarterly review of the composite and global mining indexes.
As a result of the inclusion, Air Canada stock will be in demand by funds that track the index.
On the Toronto Stock Exchange, Air Canada shares were up 17 cents, or 5.18 per cent, at $3.45 at midday.
Air Canada provides scheduled passenger service directly to 60 Canadian cities, 49 destinations in the United States and 67 cities in Europe, the Middle East, Asia, Australia, the Caribbean, Mexico and South America.