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    CTS   CA21250C1068

CONVERGE TECHNOLOGY SOLUTIONS CORP.

(CTS)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-12-06 pm EST
4.780 CAD   -2.25%
11/24Converge Technology Solutions Brief: Scotiabank Has Sector Perform Rating and $10 Target Price on the Stock, BNN notes
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11/24Converge Technology Solutions Brief: Scotiabank Says Strategic Review Driven By Fact That There Are Potential Buyers Of Co Out There Given Lowe Share Price Before Wednesday's Jump, BNN TV Notes
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11/23TSX notches 5-month high as tech and industrials climb
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

TSX notches 5-month high as tech and industrials climb

11/23/2022 | 04:18pm EST

(Adds investor quotes and details throughout, updates prices)

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TSX ends up 62.25 points, or 0.3%, at 20,282.26

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Industrials rise 0.4%

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Technology ends 1.9% higher

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Converge Technology Solutions jumps 22.6%

TORONTO, Nov 23 (Reuters) - Canada's main stock index rose on Wednesday to its highest closing level in five months, lifted by technology and industrial shares as the Federal Reserve signaled it could slow the pace of interest rate hikes.

The Toronto Stock Exchange's S&P/TSX composite index ended up 62.25 points, or 0.3%, at 20,282.26, its highest closing level since June 9.

"To the extent that investors are still bearishly positioned, there is a good chance that we are going to see further rally into the end of the year," said Mike Archibald, a portfolio manager at AGF Investments.

Wall Street also gained ground after minutes from the Fed's November meeting showed interest rate hikes may slow soon.

"Industrials continue to be a massive leader in this market and I view that as very positive for future prospects for the broader economy," Archibald said.

"Many of the companies that I'm speaking to across a number of different industries are indicating that the demand environment for their products across a number of different industries still remains very robust."

The industrials sector, which includes railroad and airline stocks, rose 0.4%, while technology ended 1.9% higher.

It was boosted by a 22.6% jump in shares of Converge Technology Solutions after the company commenced a strategic review process, including evaluations on a possible sale, merger or divesture.

Capping gains for the market was a drop in energy. The sector fell 1.2% as the price of oil settled 3.7% lower at $77.94 a barrel.

The move lower in oil came as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and gasoline inventories in the United States built by more than analysts' expected. (Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Chris Reese)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -0.19% 79.46 Delayed Quote.6.41%
CONVERGE TECHNOLOGY SOLUTIONS CORP. -2.25% 4.78 Delayed Quote.-55.01%
WTI -0.13% 74.318 Delayed Quote.7.66%
All news about CONVERGE TECHNOLOGY SOLUTIONS CORP.
11/24Converge Technology Solutions Brief: Scotiabank Has ..
MT
11/24Converge Technology Solutions Brief: Scotiabank Says..
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11/23TSX notches 5-month high as tech and industrials climb
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11/23Converge Technology Strategic Review Announcement "Should Offer Valuation Support", Wri..
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11/23Toronto Stocks Inch Higher; Converge Technology Leaps After Formation of Strategic Revi..
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11/23National Bank Reiterates Rating, Price Target on Converge Technology Following Strategi..
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11/23IIROC Trade Resumption - CTS
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11/22Converge Technology Solutions Announces Commencement of Strategic Review Process to Max..
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11/22Converge Technology Solutions Launches a Strategic Review After Receiving "Expressions ..
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Analyst Recommendations on CONVERGE TECHNOLOGY SOLUTIONS CORP.
More recommendations
Financials
Sales 2022 2 533 M 1 858 M 1 858 M
Net income 2022 39,4 M 28,9 M 28,9 M
Net Debt 2022 225 M 165 M 165 M
P/E ratio 2022 25,2x
Yield 2022 -
Capitalization 1 005 M 737 M 737 M
EV / Sales 2022 0,49x
EV / Sales 2023 0,38x
Nbr of Employees -
Free-Float 95,2%
Chart CONVERGE TECHNOLOGY SOLUTIONS CORP.
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Converge Technology Solutions Corp. Technical Analysis Chart | MarketScreener
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Technical analysis trends CONVERGE TECHNOLOGY SOLUTIONS CORP.
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Last Close Price 4,78 CAD
Average target price 8,89 CAD
Spread / Average Target 86,0%
EPS Revisions
Managers and Directors
Shaun P. Maine Chief Executive Officer & Director
Greg Berard President
Richard A. Lecoutre Group Chief Financial Officer
Thomas Paul Erich Volk Chairman
Donald Lawrence Cuthbertson Chief Technology Officer & President-Canada
Sector and Competitors