Home / Market Movers / Midday Mover: Power Financial Corporation (PWF:CA) Gains 1.12% to Lead TSX Composite Financial Stocks at Noon on September 22

Midday Mover: Power Financial Corporation (PWF:CA) Gains 1.12% to Lead TSX Composite Financial Stocks at Noon on September 22

Power Financial Corporation (PWF: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 PWF:CA have climbed 1.12% about halfway through the session to $31.59 after closing the day prior at $31.24. So far, the stock has traded as high as $31.63 and as low as $31.15 in morning action. Today’s advance has come with about 322,454 shares changing hands, compared to an average 30-day volume of 384,368 for Power Financial Corporation. The price is currently below the 30-day volume weighted average price of $31.46 for PWF:CA.

The share appreciation gives the financial company a market capitalization of $22.28 billion based upon 713.24 million shares outstanding. It also means that Power Financial has a price-to-book ratio of 1.38:1 and a price-to-earnings ratio of 11.8:1.

In the past 52 weeks, shares of PWF:CA have traded as low as $28.84 and as high as $34.25. Technical traders will take note that at $31.59, shares of PWF:CA are trading above their 200-day MA at $30.67 and above their 50-day MA at $30.04. 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 Power Financial ?

Power Financial Corp is a diversified international management and holding company. The Company holds interests, directly or indirectly, in companies in the financial services industry in Canada, the United States and Europe. The company’s 25720 employees are led by CEO R. Jeffrey Orr from the corporate headquarters at 751 Victoria Square.

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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