Vancouver's Canaccord Capital Inc. (TSX: CCI) is buying back approximately 2.4 million shares.
The purchase under a normal course issuer bid will involve roughly 5% of the company's 47.8 million shares outstanding. The shares will be acquired either for cancellation or for resale to employees, clients and Canaccord affiliates.
Canaccord reported a strong 2008 second quarter, which ended September 30, 2007, however, company results were negatively affected in the wake of credit concerns that erupted across North America in mid-August over the liquidity of non-bank asset backed commercial paper.
Canaccord's revenue fell slightly to $154.5 million for its second quarter from $156 million in the same period a year ago. Net income dropped to $12.4 million from $17.8 million.
Canaccord's share price range during the past week: between $14.30 and $14.90; 52-week high: $25.92; 52-week low: $13.30.