CGI announces renewal of share repurchase program

  • CGI intends to renew its share repurchase program to buy back up to 10% of its issued and outstanding common shares
  • The board has authorized a normal course issuer bid to buy back about 20.5 million shares for cancellation
  • CGI shares have risen about 5.1% since the year started and are up nearly 31% over the last 12 months
  • The value of the shares would be worth about C$3.05 billion

CGI, the Canadian IT consulting and software company, has announced its intention to renew its share repurchase program. The company plans to buy back up to 10% of its issued and outstanding common shares over the course of one year. The board has authorized a normal course issuer bid to buy back about 20.5 million shares for cancellation. CGI shares have seen a 5.1% increase since the start of the year and are up nearly 31% over the last 12 months. At the current closing price, the value of the shares would be worth about C$3.05 billion. The company is set to begin buying back shares on Feb. 6, pending approval from the Toronto Stock Exchange.

Public Companies: CGI (N/A)
Private Companies:
Key People:

Factuality Level: 8
Justification: The article provides factual information about CGI’s intention to renew its share repurchase program and the details of the program. The information about the stock performance and value is also factual. However, the article lacks additional context or analysis, making it somewhat limited in terms of providing a comprehensive understanding of the topic.

Noise Level: 7
Justification: The article provides basic information about CGI’s intention to renew its share repurchase program. However, it lacks in-depth analysis, evidence, and actionable insights. It mainly focuses on the company’s stock performance and the value of the shares, without providing any context or implications for investors or the company itself.

Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to CGI, a Canadian IT consulting and software company. The announcement of their share repurchase program may impact the company’s stock price and potentially the overall IT consulting and software industry.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses CGI’s intention to renew its share repurchase program, which is a financial topic. However, there is no mention of any extreme event or its impact.

Reported publicly: www.marketwatch.com