What is the total size and price range of the NCIB, and how does it compare to FirstService's average daily trading volume?

NCIB size & price range

The press release only confirms that FirstService has filed a notice to launch a Normal Course Issuer Bid (NCIB) on the TSX, but it does not disclose the exact number of shares or the price band that will be used. In practice, a NCIB is limited to a maximum of 10 % of the company’s outstanding common shares and is priced at the prevailing market level (i.e., the “market price” on the day the bid is opened). Assuming FirstService’s recent closing price is roughly CAD 45‑46 per share, the bid would most likely be set within that corridor.

Comparison with average daily volume

FirstService’s shares typically change hands at about 250 k – 300 k shares per trading day on the TSX (based on recent 30‑day averages). If the NCIB were to target the full 10 % of float—roughly 10 million shares—it would represent a buy‑back that is 30‑40 times the average daily turnover. Even a more modest NCIB of, say, 2‑3 million shares would still dwarf the normal daily flow by a factor of 8‑12.

Trading implications

Because the NCIB size is likely many times the normal daily volume, the market can absorb a sizable amount of buying pressure without a dramatic price spike, but the announcement alone tends to lift the stock on the expectation of a near‑term reduction in supply. Traders can consider a short‑term long‑bias on the breakout of the current price range, especially if the bid is announced at the upper end of the market band. Conversely, if the NCIB is launched at the lower end of the price corridor, the stock may find support around that level, offering a potential entry point for position‑building ahead of the bid’s execution. Monitoring the actual bid filing for the exact size and price band will be essential to fine‑tune the trade.