TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,274.04, down 87.84 points.)
Enbridge Inc. (TSX:ENB). Energy. Down 24 cents, or 0.5 per cent, to $48.19 on 24.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 57 cents, or 2.02 per cent, to $27.67 on 15.9 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 40 cents, or 1.54 per cent, to $25.62 on 13.7 million shares.
Zenabis Global Inc. (TSX:ZENA). Health care. Unchanged at 14 cents on 11.7 million shares.
Tetra Bio-Pharma Inc. (TSX:TBP). Health care. Down 9.5 cents, or 20.65 per cent, to 36.5 cents on 11.4 million shares.
Royal Bank of Canada (TSX:RY). Down 97 cents, or 0.81 per cent, to $119.41 on 6.6 million shares.
Companies in the news:
Royal Bank of Canada — Royal Bank of Canada and Tangerine ranked highest among Canadian banks this year as overall customer satisfaction among major financial institutions dropped during the pandemic, a prominent market research company reported Tuesday. J.D. Power said this dissatisfaction was driven by people having their personal finances affected by the pandemic, which led to more disputes around issues like fees. Problem resolution had the greatest decline, while other factors such as lack of convenience and issues around products and fees contributed to the industry-wide drop, it said. A drop in satisfaction was most apparent with Canada's Big Five banks – RBC Royal Bank, Scotiabank, TD Canada Trust, BMO Bank of Montreal and CIBC, the report says. The trend was at odds with its U.S. survey, where 63 per cent of customers said they felt supported by their bank, as opposed to only 43 per cent in Canada, the company said.
Domtar Corp. (TSX:UFS). Up $9.68 or 16.9 per cent to $66.96. Paper Excellence is expanding into the U.S. with a deal to buy Domtar Corp. in an agreement with an enterprise value of about US$3 billion. The Richmond, B.C.-based company will pay US$55 per Domtar share in cash, a 37 per cent premium from May 3 when a media report disclosed a possible transaction. The companies say Paper Excellence intends to continue the operations of Domtar as a stand-alone entity. They say it will be led by its management team and Paper Excellence plans to keep its corporate and production locations. Domtar CEO John Williams said the Paper Excellence transaction allows its shareholders to realize cash value at a significant premium. Domtar's board unanimously approved the agreement, which is expected to close in the second half of the year, subject to shareholder and regulatory approvals.
Suncor Energy Inc. — Oilsands producer Suncor Energy Inc. is partnering with utility Atco Ltd. on a "multibillion-dollar" project to produce more than 300,000 tonnes per year of hydrogen. The Calgary-based companies say the project will help Canada reach its 2050 target of net-zero greenhouse gas emissions — and aid their own GHG reduction goals — by capturing and storing more than 90 per cent of the carbon dioxide produced from energy required to make the hydrogen. The project would reduce Alberta's CO2 emissions by more than two million tonnes per year, they said. There's no capital cost estimate yet for the project, but Atco chair and CEO Nancy Southern said it will certainly be a "multibillion-dollar" facility. The project as presented is a "positive" step by industry, but it's difficult to weigh its benefit against other choices with the available information, said Chris Severson-Baker, Alberta regional director for the Pembina Institute environmental think tank.
Centerra Gold Inc. (TSX:CG). Up $1.03 or 12.5 per cent to $9.28. Centerra Gold Inc. reported a first-quarter profit of US$167.4 million as it faces trouble in the Kyrgyz Republic that may affect its ownership of the Kumtor mine. The Canadian gold miner says the Kyrgyz Republic Parliament passed a law last week that would allow the government to impose “external management” on the project if Kumtor Gold Co. violates certain Kyrgyz laws. Centerra also says Kumtor Gold Co. was ordered by a Kyrgyz Republic court last week to pay more than US$3 billion in damages after a ruling that its past practice of placing waste rock on glaciers was illegal. In addition, the company says it has received further tax assessments from the Kyrgyz Republic State Tax Service which, when combined with previous tax claims, amount to hundreds of millions of dollars. The company, which keeps its books in U.S. dollars, says its profit for the quarter ended March 31 amounted to 57 cents per share on US$401.9 million in revenue compared with a profit of US$20 million or seven cents per share on US$378.8 million in revenue a year ago.
George Weston Ltd. (TSX:WN). Down $1.33 or 1.2 per cent to $113.29. George Weston Ltd. reported a loss in its latest quarter compared with a profit a year ago as it was hit by one-time charges. The company says its net loss available to common shareholders was $62 million or 41 cents per diluted share for the quarter ended March 27. The result compared with a profit of $582 million or $3.78 per diluted share a year earlier. George Weston says the loss came as it recorded an unfavourable fair value adjustment of a trust unit liability as a result of the increase in Choice Properties REIT unit prices in the quarter. On an adjusted basis, the company says it earned $243 million or $1.59 per diluted share for the quarter, up from an adjusted profit of $239 million or $1.55 per diluted share a year ago. Revenue for the quarter totalled $12.35 billion, up from $12.33 billion in the same quarter last year.
This report by The Canadian Press was first published May 11, 2021.
The Canadian Press