Home / Market Movers / Midday Mover: Innergex Renewable Energy Inc. (INE:CA) Gains 2.71% to Lead TSX Composite Utilities Stocks at Noon on September 22

Midday Mover: Innergex Renewable Energy Inc. (INE:CA) Gains 2.71% to Lead TSX Composite Utilities Stocks at Noon on September 22

Innergex Renewable Energy Inc. (INE:CA) is one of the best performing stocks in the utilities sector in the S&P/TSX Composite Index at the lunch break on September 22. Shares of INE:CA have climbed 2.71% about halfway through the session to $15.18 after closing the day prior at $14.78. So far, the stock has traded as high as $15.22 and as low as $14.9 in morning action. Today’s advance has come with about 86,173 shares changing hands, compared to an average 30-day volume of 111,220 for Innergex Renewable Energy Inc.. The price is currently below the 30-day volume weighted average price of $15.09 for INE:CA.

The share appreciation gives the utilities company a market capitalization of $1.6 billion based upon 108.02 million shares outstanding. It also means that Innergex Renew E has a price-to-book ratio of 4.59:1 and a price-to-earnings ratio of :1.

In the past 52 weeks, shares of INE:CA have traded as low as $9.98 and as high as $15.8. Technical traders will take note that at $15.18, shares of INE:CA are trading above their 200-day MA at $13.27 and above their 50-day MA at $14.82. 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 Innergex Renew E?

Innergex Renewable Energy Inc develops, owns and operates renewable power generating facilities, essentially focused on the hydroelectric, wind power sectors and solar photovoltaic sectors. The company’s 149 employees are led by CEO Michel Letellier from the corporate headquarters at 1111 Saint-Charles Street West.

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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