Once I've narrowed my choice of company down to 5 companies, I need to find the ticker symbol for each of the companies that I need to follow.
The ticker symbol is the key to all things financial associated with the company.
To find the ticker symbol, I go to Google Finance at http://www.google.com/finance
There is a tool bar at the top. I type the name of each of the top five companies that I am interested in.
When I type in Royal Bank of Canada, 73 companies come up. Whoooaaa....a little intimidating, good thing you have a coach to guide you through these murky waters:)
Examine the column labelled “Exchange”. The companies that are traded on the Toronto Stock Exchange are listed as “TSE” in the Exchange column.
Typically, the ticker symbol you are searching for will not be followed by a dash. Just the straight goods – letters.
So, I see that the Royal Bank of Canada is represented by the symbol “RY”
Repeat these steps to find the ticker symbols for Toronto Dominion, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.
Now, see if you were correct:
Toronto Dominion = TD
Bank of Nova Scotia = BNS
Bank of Montreal = BMO
Canadian Imperial Bank of Commerce = CM
The same ticker symbols may be used to represent the company on multiple exchanges. You'll note that Toronto Dominion is also traded on the New York Stock Exchange. In situations where the same ticker is traded on more than one exchange, it needs to be differentiated. To do this, the ticker symbol is followed by “.to”
For example TD.TO means Toronto Dominion bank on the Toronto Stock Exchange.
Your world is about to get very exciting!
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