The value of shares traded on the Montreal Exchange during 1989 increased by 33.8%, a better performance than the 24.5% turned in by the combined Canadian market.
The exchange reports the dollar value turnover last year totalled $20.3 billion, up from $15.2 billion in 1988 but down $1.5 billion from 1987. The number of equity transactions during 1989 increased by 29.8%.
Gaining 18.5% on the year was the general market portfolio index, which comprises 25 of Canada’s most heavily capitalized and active stocks. The market portfolio set a record Oct. 10 when it closed at 2069.68.
The mining and minerals index, one of six exchange sub-indices, closed up 15%. Ten new resource companies were listed in 1989, down from 34 in 1988.
Total number of companies listed at the end of 1989 was 695, down from 735 in 1988. Total number of issues (including rights and warrants) listed at year-end was 1,048.
Merger and acquisition activity was stronger in 1989. The number of companies delisted by the exchange following a merger or acquisition totalled 36, compared with 24 in 1988. There were 28 takeover bids on listed securities during last year.
Automated trading is growing in popularity; last year it accounted for about 43% of the total trades (up from 33% in 1988) and 14.3% of the total dollar value traded (up from 10.2% in 1988).
President Bruno Riverin said priorities for 1990 “will be the continued development of our stock market with revised trading regulations and the introduction of our electronic order book, and the marketing of our new Canadian government bond futures contract which has the international appeal and potential of comparable markets in Chicago, Paris and London within the Canadian context.”
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