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This is the price of the last trade of a stock when the market closes for the day. This price is of primary importance in our trading as where a stock closes in its range tells us much about the direction and momentum of the stock.

A measure of a company’s ability to pay interest on its debts (operating income divided by interest expenses).

A plan implemented by a corporation allowing purchase of shares, or fractions of shares, directly from the company, usually on a regular basis. 

The shares of companies that have enjoyed better-than-average growth over recent years and are expected to continue their climb.

Occurs when new securities are posted for trading, and trading takes place before the closing (formal original issuance) of the prospectus. Also known as the “grey market”. The term is used only for listing of new securities, either on a listing of a new issuer, a supplemental listing, or an additional listing of existing listed securities. Settlement occurs on the closing of the prospectus. The time from posting for trading to closing is generally within a week.

An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bid and offer decreases.

An order that is valid only for the day it is entered. If the order is still outstanding when the market closes, it will be purged overnight.

An interruption in trading on a stock, triggered when an order violates parameters set by TSX.

A measurement of the volatility of a stock. Current price rather than historical price is used. Generally, if the price of an option rises without a corresponding rise in the underlying equity, implied volatility is considered to have risen.

An exchange-traded, fixed income-like instrument consisting of a subordinated debt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuer’s free cash flow to its investors. Investors are paid dividends from the common share component and interest from the subordinated debt.