Losses narrow at Canaccord

City A.M. Reporter
CANADIAN brokerage Canaccord Genuity yesterday said it had narrowed its losses in the second quarter as its capital markets business picked up and it cut costs.

It made a net loss of C$80,000 (£47,000), or three cents a share compared to C$14.8m, or 19 cents a share, a year earlier. Revenue fell 1.8 per cent to C$183.3m from the year-earlier period. “We believe we are beginning to see signs of improved market activity across our geographies,” said Paul Reynolds, president of Canaccord.