Tim Hortons hits record high on Interac deal

Wed Nov 24, 2010 3:23pm EST
 
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TORONTO (Reuters) - Shares of Tim Hortons Inc, Canada's largest restaurant chain, touched their lifetime high of C$41.20 on the Toronto Stock Exchange on Wednesday, a day after it said customers can now use debit cards to pay for their coffee and meals.

Customers will no longer need to think about whether they have cash in their pockets when they buy their morning coffee, the company said.

The quick-service chain, which specializes in coffee, baked goods and home-style lunches, will now accept Interac debit cards as part of an extension of its contract with Chase Paymentech.

Oakville, Ontario-based Tim Hortons, which has grown to become a Canadian cultural fixture, has over 600 stores in the United States and more than 3,000 in Canada.

The stock was up 48 Canadian cents at C$40.95 on the Toronto Stock Exchange on Wednesday afternoon. It also touched a lifetime high of $40.77 on the New York Stock Exchange.

(Reporting by Bhaswati Mukhopadhyay; editing by Rob Wilson)