Canadian Financial Services Stock Moves Up on Record Results

Equitable Group Inc. (TSX:EQB), a Canadian financial services stock, surged after announcing record second-quarter financial results

Sean Mason | July 31, 2019 | SmallCapPower

Record earnings and a dividend increase boosted a Canadian financial services stock Wednesday. Here’s some small stocks making big moves on Wednesday, July 31, 2019 (as of 4 pm EST):

Equitable Group Inc. (TSX:EQB), a Canadian financial services stock, jumped 15% to $92.20 on Wednesday after announcing record Q2 Adjusted Diluted earnings per share of $3.18, up 31% year over year. The Company added that it will increase its dividend 22% beginning in September, which is keeping with its commitment to grow Equitable’s dividend at a rate of between 20% to 25% in each of the next five years.

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As well, shares of Golden Star Resources Ltd. (TSX:GSC) slid 17% to $4.70 as the gold miner said its Q2 gold production fell 21% year over year to 48,422 ounces, while the Company also lowered its production guidance for 2019 to 190,000-205,000 ounces from 220,000-240,000 ounces.

North American Construction Group Ltd. (TSX:NOA), meanwhile, reported second-quarter revenue of $176.9 million, a 123% increase from the same period last year, while EBITDA for the quarter rose 144% to $37.1 million. North American Construction stock moved up 19% to $16.55 following the announcement.

Finally, CannTrust Holdings Inc. (TSX:TRST) shares rose 9% to $3.09 after the Canadian cannabis company announced that it will explore strategic alternatives, which could include, among other things, a sale of the Company or a portion thereof, a strategic investment, a business combination, changes to the Company’s operations or strategy, or continuing to execute on the Company’s current business plan.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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