November 10, 2011 / 9:29 PM / 7 years ago

UPDATE 1-Canaccord Financial posts Q2 loss on weak markets

Nov 10 (Reuters) - Canaccord Financial posted a second-quarter loss as a pullback in world markets and contraction of investment banking activity hurt the Canadian financial services company.

July-September loss was C$5.3 million, or 9 Canadian cents a share, versus a net income of C$10.3 million, 12 Canadian cents a share, a year ago.

Revenue fell 20 percent to C$119.5 million.

“The fiscal second quarter was characterized by extreme market volatility, growing economic uncertainty and low investor and issuer confidence,” the company said in a statement, adding that the market environment continued to be challenging. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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