Home / Market Movers / Midday Mover: Element Financial Corporation (EFN:CA) Gains 1.29% to Lead TSX Composite Financial Stocks at Noon on September 22

Midday Mover: Element Financial Corporation (EFN:CA) Gains 1.29% to Lead TSX Composite Financial Stocks at Noon on September 22

Element Financial Corporation (EFN:CA) is one of the best performing stocks in the financial sector in the S&P/TSX Composite Index at the lunch break on September 22. Shares of EFN:CA have climbed 1.29% about halfway through the session to $15.66 after closing the day prior at $15.46. So far, the stock has traded as high as $15.82 and as low as $15.38 in morning action. Today’s advance has come with about 1.04 million shares changing hands, compared to an average 30-day volume of 1.4 million for Element Financial Corporation. The price is currently below the 30-day volume weighted average price of $15.56 for EFN:CA.

The share appreciation gives the financial company a market capitalization of $5.98 billion based upon 386.75 million shares outstanding. It also means that Element Fin Corp has a price-to-book ratio of 1.22:1 and a price-to-earnings ratio of 20.9:1.

In the past 52 weeks, shares of EFN:CA have traded as low as $11.47 and as high as $19.53. Technical traders will take note that at $15.66, shares of EFN:CA are trading above their 200-day MA at $14.56 and above their 50-day MA at $14.1. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is Element Fin Corp?

Element Financial Corp is a financial services company. It provides vehicle fleet leasing, management solutions; leasing and other secured financing for railcars; delivers financing and leasing solutions for diversified sectors; and aviation financing. The company’s 2800 employees are led by CEO Steven K. Hudson from the corporate headquarters at 161 Bay Street.

What is the S&P/TSX Composite Index?

Developed and managed by S&P Dow Jones Indices and launched in January 1977, the S&P/TSX Composite is the headline index for the Canadian equity market. Generally, when investors refer to movement in the Canadian markets, they are referring to the S&P/TSX Composite, as it is the broadest index in the S&P/TSX franchise. The index includes more than 230 of the biggest companies traded on the Toronto Stock Exchange, with financials making up the most heavily weighted sector in the index, followed by energy and materials. The Toronto Stock Exchange serves as the distributor of both real-time and historical data for this index.

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