MONTREAL — Air Canada’s shares surged more than six per cent on heavy trading volumes Tuesday a day after the airline reported good traffic numbers in October and at least one analyst boosted his target price by 39 per cent. Shares of the Montreal-based carrier gained 11 cents to $1.91 in trading on the Toronto Stock Exchange. That’s five cents short of the 52-week high set about two weeks ago.
About 1.7 million shares traded, up from the 372,000 daily average. Air Canada (TSX:AC.B) reported Monday that it flew its planes with record percentages of seats full in October as passenger traffic increased with only slight increases in capacity.