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A Royal Bank of Canada sign in downtown Toronto.
A Royal Bank of Canada sign in downtown Toronto.
(MARK BLINCH/REUTERS)

Investment banks cash in on strong acquisition activity, stock sales

Surging markets and confidence have Canadian companies doing deals at a much faster pace than a year ago, leading to a big jump in business for investment banks.

Investment banks raised $20.8-billion for companies in the first half of the year by selling stocks, a 43-per-cent jump from the $14.5-billion in the first half of the last year, according to figures from Thomson Reuters. Huge stock sales such as Bank of Nova Scotia’s disposition of a stake in mutual fund company CI Financial and the initial public offering of PrairieSky Royalty Ltd., one of the biggest IPOs in Canadian history, drove much of the gain.