TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,310.74, up 122.71 points.)
Enbridge Inc. (TSX:ENB). Energy. Up $1.02, or 2.13 per cent, to $49.00 on 23.8 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 98 cents, or 3.64 per cent, to $27.92 on 14 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 40 cents, or 1.49 per cent, to $27.19 on 9.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up two cents, or 2.74 per cent, to 75 cents on 9.1 million shares.
Zenabis Global Inc. (TSX:ZENA). Health care. Up 1.5 cents, or 12.5 per cent, to 13.5 cents on nine million shares.
Tetra Bio-Pharma Inc. (TSX:TBP). Health care. Down 5.5 cents, or 11.58 per cent, to 42 cents on 8.2 million shares.
Companies in the news:
Enbridge Inc. — The CEO of Enbridge Inc. says the company's Line 3 and Line 5 pipelines in the United States are "absolutely critical" as each faces ongoing hurdles thrown up by environmental, political and other opponents. During the Calgary-based energy infrastructure company's annual general meeting on Wednesday, Al Monaco said Enbridge must continue to fight for those pipelines for its benefit as well as the benefit of the shippers who move products on them and the consumers who need those products. Enbridge's Line 5 is facing a looming May 12 shutdown ordered by Michigan Gov. Gretchen Whitmer last fall after accusing the company of violating terms of a 1953 deal that allowed the line to traverse the bottom of the Straits of Mackinac, which connects Lake Michigan and Lake Huron. The 68-year-old conduit has never leaked and Enbridge has said it will ignore the order because the state doesn't have the authority to shut down the pipeline. Meanwhile, the $9.3-billion Line 3 pipeline replacement project is under construction with a completion target of late this year, despite ongoing protests and court challenges.
Barrick Gold Corp. (TSX:ABX). Up 24 cents to $27.30. The CEO of Barrick Gold Corp. says copper stands to grow in importance for the world's second-biggest gold miner after 10-year-high prices for copper bolstered its first-quarter earnings. Barrick plans to continue its copper-directed exploration efforts while banking increasing revenue from existing mines as prices rise to more than US$4.50 per pound, Mark Bristow said on a conference call to discuss Barrick's results from the first three months of the year. Toronto-based Barrick on Wednesday reported a first-quarter profit of US$538 million, up from US$400 million a year ago, as revenue rose to nearly US$2.96 billion from US$2.72 billion. Copper revenues increased 31 per cent compared with the fourth quarter of 2020 as Barrick's realized price rose to US$4.12 per pound from US$3.39 in the previous quarter and US$2.23 in the year-earlier period. The increase came as copper production slipped to 93 million pounds from 119 million in the fourth quarter and 115 million in the first quarter of 2020, although copper sales were higher at 113 million pounds in the most recent quarter, up from 110 million pound a year ago.
Loblaw Companies Ltd.' (TSX:L). Up $1.18, or 1.7 per cent, to $69.40. Loblaw Companies Ltd.'s yearlong pandemic winning streak marked by surging sales and profits appears poised to level off as the supermarket giant starts comparing results against the panic-buying gains recorded at the outset of the pandemic. Yet ongoing restaurant closures due to lockdown measures continued to benefit Canada's biggest grocery and drugstore retailer during its most recent quarter as people cooked more meals at home. Loblaw said Wednesday its profits were up 30 per cent to $313 million in the first quarter of 2021 compared with a year ago. Revenues for the three months ended March 27 totalled $11.87 billion, up from $11.8 billion. The company's strong results were buoyed by an improvement in its financial services business, as well as better-than-expected gross margins in food and drug sales. However, Loblaw signalled that as the economy begins to reopen, revenue growth will be challenging going forward.
Chorus Aviation Inc. (TSX:CHR). Up three cents to $4.32. Chorus Aviation Inc. has signed a three-year contract with Purolator Inc. for air cargo charter services. The agreement follows the completion of an initial six-month trial. Purolator says the deal complements its existing network and will mean more service options for cross-border shipments. Chorus is best known for its Jazz Aviation subsidiary, which provides regional air service for Air Canada, but chief executive Joe Randell says air cargo is a growing area of focus. Under the agreement, Chorus subsidiary Voyageur Aviation Corp. will replace two Dash 8-100 Simplified Package Freighters used for the trial service with two Dash 8-100 Package Freighters. Voyageur designed and developed the Dash 8-100 PF, which can carry a typical payload of 4,500 kilograms and 39 cubic metres.
This report by The Canadian Press was first published May 5, 2021.
The Canadian Press