Canadian equities have risen sharply a day after the Federal Reserve kept its benchmark interest rates unchanged and also predicted fewer rates hikes for 2016 than initially anticipated. The Fed’s dovish stance has boosted risk assets across the globe.
The S&P/TSX Composite Index, Canada’s benchmark index, was up sharply in mid-day trading. At last check, the index was up 1.46% to 13,675.49. One of the major movers on the TSX today is Fiera Capital Corp. (TSX: FSZ). Based in Montreal, Fiera is an independent, full-service, multi-product investment firm.
At last check, FSZ shares were trading 3.01% higher at $13.35 on volume of 343,830.
Fiera Capital shares are gaining momentum after the company today raised its quarterly dividend. The company also reported strong fiscal 2015 financial results.
Fiera’s Board declared a dividend of $0.15 per share, which represents an increase of 7% over the last dividend declared by the company. FSZ offers a dividend yield of more than 4% right now.
For the fiscal year 2015, Fiera had revenue of $258.4 million, which represents an increase of 16% over 2014. The increase in revenue was due to higher assets under management (AUM) base.
