May 18, 2011 / 3:04 PM / 6 years ago

Canaccord shares rise 3 pct after strong quarter

* Shares rose as much as 5.2 percent

* Canaccord reported fiscal Q4 profit on Tuesday

TORONTO, May 18 (Reuters) - Canaccord Financial Inc (CF.TO) rose more than 3 percent early on Wednesday, a day after the brokerage reported a second consecutive quarter of near record revenue and earnings.

Canaccord shares were up 3.3 percent to C$14.09 a share in midmorning trade in Toronto, paring gains of more than 5 percent in opening trade.

Canaccord, which bought Genuity Capital Markets a year ago, said after the market closed on Tuesday that fiscal fourth-quarter profit soared to C$40.9 million ($42.2 million), up from C$7.5 million in the same period a year earlier.

Revenue in the quarter ended March 31 was C$247.6 million, up 73 percent from C$143.1 million, bolstered by record revenue from advisory fees of C$25.7 million.

“The revenue and net income generated were second only to our record results achieved last quarter,” Canaccord Chief Executive Paul Reynolds said on a conference call to discuss results with analysts early on Wednesday.

Canaccord Genuity was ranked 17th in Thomson Reuters’ Global Equity Fees league table for the first calendar quarter of 2011.

$1=$0.97 Canadian Reporting by Pav Jordan

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