Canaccord Genuity spends $424K buying back stock during holiday week

VANCOUVER – Canaccord Genuity Group Inc. (TSX:CF) spent nearly $424,000 last week to buy back some of its publicly traded shares for cancellation, according to figures released by the company Monday.

The Vancouver-based company, which provides wealth management and capital markets services, said it paid an average of about $6.69 per share for 63,356 shares purchased Dec. 23-27.

The week included the Christmas and Boxing Day holidays, when the Toronto Stock Exchange was closed and overall trading volume for equities was lower than usual during the three trading days.

The stock purchases were part of Canaccord Genuity’s normal course issuer bid, which authorizes the company to buy back up to 5,136,948 shares in the 12 months ending Aug. 12, 2014.

As of Friday, Canaccord Genuity had purchased 1,649,992 common shares since Aug. 13, including last week’s purchases.

Canaccord Genuity shares closed Friday at $6.77 and were little changed Monday.