TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,453.77, up 33 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 91 cents, or 2.84 per cent, to $33 on 24 million shares.
Harte Gold Corp. (TSX:HRT). Materials. Unchanged at two cents on 15.8 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 28 cents, or 1.15 per cent, to $24.71 on 12.7 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 94 cents, or 6.15 per cent, to $16.23 on 11.9 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 32 cents, or 0.64 per cent, to $50.45 on 9.5 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 38 cents, or 6.57 per cent, to $6.16 on 8.5 million shares.
Companies in the news:
Rogers Communications Inc. (TSX:RCI.B). Up 21 cents to $59.37. A Telus Corp. executive told a CRTC hearing Tuesday that Rogers Communications Inc.'s proposed takeover of Shaw Communications Inc. is dangerous for the same reason that Rogers is pursuing it — scale. During Monday's opening day of hearings in Gatineau, Que., on the merger, Rogers executives said the company needs to acquire Shaw in order to grow to the size to get the kind of scale needed to compete against increasing competition from companies like Netflix and Amazon. Telus said achieving that scale would open the potential for Rogers to secure exclusive rights to international content, and make Rogers a de facto licensing authority for Canadian programming. Vancouver-based Telus said that if the merger went ahead, Rogers would have about 47 per cent of English-language broadcast subscribers and that its network would reach 80 per cent of Canadians. The scale, combined with Rogers' vertical integration of program creation and distribution, would give it tremendous potential to control exclusive content, it argued. Telus said that regulatory safeguards would not be enough to offset the competitive advantage of that scale, and urged the regulator to reject the deal. It also challenged Rogers' argument that the deal was needed to boost infrastructure investments.
Laurentian Bank of Canada. (TSX:LB). Down $1.89 or 4.6 per cent to $39.44. Laurentian Bank of Canada is cutting its office space in downtown Montreal, Toronto and Burlington, Ont., in half as part of its strategic plan that it will unveil in a couple of weeks. The Montreal-based bank says the announcement does not relate to its branch network. Chief financial officer Yvan Deschamps says the process will begin with the subletting of the office space. Laurentian will prioritize work-from-home for tasks that allow for it, CEO Rania Llewellyn said Tuesday in a conference call with analysts. The bank will also abolish 64 positions “at all levels," of which 40 per cent will be in Quebec. Laurentian says it expects to take a total of $163 million in one-time charges after tax as a result of a review of its business. Its new strategic plan will be unveiled during an investor day on Dec. 10 after it reports its fourth-quarter results. The one-time charges include a goodwill impairment charge as well as charges related to the consolidation of its two digital platforms into one. The bank is taking a $49-million charge related to a reduction in the amount of office space it leases as well as an increase in allowances and provisions for credit losses. Laurentian says the charges are expected to reduce its adjusted earnings by $14 million after tax.
Interfor Corp. (TSX:IFP). Up 90 cents or 2.8 per cent to $32.62. Interfor Corp. will become the only lumber company with operations in all four producing regions of North America with its purchase of Eacom Timber Corp. for $490 million. The Burnaby, B.C., company says it signed a deal that increases its total lumber production capacity by 25 per cent and expands its business in Eastern Canada. Interfor says the acquisition fits with its growth strategy as a lumber producer by expanding its geographically diverse operations by adding scale in a new region. Eastern Canada is a major lumber-producing region in the continent, with highly competitive log costs and a desirable spruce-pine-fir (SPF) product mix. The acquisition enables efficient supply to key eastern markets, such as the Greater Toronto Area (the fourth largest metropolitan area in North America) and throughout the Great Lakes region. It also expands its customers mix by adding home centres. The addition of Eacom will also provide an opportunity for future growth in Eastern Canada. Eacom has seven sawmills in Ontario and Quebec with a combined annual spruce-pine-fir lumber production capacity of 985 million board feet and an I-Joist plant with annual production capacity of 70 million linear feet.
Parkland Corp. (TSX:PKI). Up 89 cents or 2.7 per cent to $34.47. Parkland Corp. is moving to pause its refinery processing operations in Burnaby, B.C., due to a lack of crude oil supply from the Trans Mountain pipeline, which has been shut down as a precaution due to the flooding in B.C. The company says it plans to maintain the refinery, which is a key source of gasoline for the Vancouver area, on standby mode so that it can resume processing quickly. Parkland said its blending, shipping, terminal and rack activities remain operational. It said this enables fuels to be off-loaded from ships and rail directly into the refinery, from where they can be stored and distributed. The refinery can process about 55,000 barrels a day of crude and synthetic oil into gasoline, diesel, jet fuels, asphalts, heating fuels, heavy fuel oils, butanes and propane. The company that owns the Trans Mountain pipeline has said it is optimistic the pipeline could be restarted by the end of the week. Trans Mountain Corp. has 350 people working around the clock to restart the pipeline, which has been shut down since Nov. 14. Concerns about gasoline shortages led the B.C. government to limit drivers to 30 litres per fill-up at gas stations and to encourage people to limit their travel.
This report by The Canadian Press was first published Nov. 23, 2021.
The Canadian Press