Home / Market Movers / Innergex Renewable Energy Inc. (INE:CA) Bolsters TSX Composite Utilities Stocks with Gain of 1.29% on January 13

Innergex Renewable Energy Inc. (INE:CA) Bolsters TSX Composite Utilities Stocks with Gain of 1.29% on January 13

Innergex Renewable Energy Inc. (INE:CA) was one of the weakest stocks in utilities sector of the S&P/TSX Composite Index on January 13, declining 1.29% to close the day at $13.8 after closing the day prior at $13.98. Throughout the day, shares of INE:CA traded as high as $14.01 and as low as $13.78. Today’s drop came with about 64,923 shares changing hands, compared to an average 30-day volume of 140,065 for Innergex Renewable Energy Inc.. The price is currently below the 30-day volume weighted average price of $13.86 for INE:CA.

The share depreciation gives the company a market capitalization of $1.51 billion based upon 108.18 million shares outstanding. It also means that Innergex Renew E has a price-to-book ratio of 4.55:1 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 $13.8, shares of INE:CA are trading below their 200-day MA at $14.06 and above their 50-day MA at $13.78. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move beneath or holding under them is typically regarded as bearish.

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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