TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,742.56, down 532.26 points.)
UEX Corp. (TSX:UEX). Materials. Up eight cents, or 28.1 per cent, to 36.5 cents on 15.3 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down $1.44, or 2.5 per cent, to $56.74 on 14.8 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up three cents, or 0.9 per cent, to $3.21 on 13.8 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down $1.74, or 3.3 per cent, to $51.04 on 12.3 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down 37 cents, or 4.2 per cent, to $8.45 on 11.2 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 59 cents, or 4.5 per cent, to $12.51 on 10.4 million shares.
Companies in the news:
Rogers Communications Inc. (TSX:RCI.B). Down 99 cents or 1.6 per cent to $60.30. After the death of Rogers family matriarch Loretta Rogers this past weekend, one corporate governance expert said Monday that it would be wise for Rogers Communications Inc. to wait until its $26-billion deal with Shaw Communications Inc. closes before making any decisions on who will take her spot. Richard LeBlanc, professor of governance and law York University, said the company should take a "deliberative, slow and thoughtful" approach when deciding how to fill Loretta Rogers' seats on the company's board and on the advisory committee of the Rogers Control Trust. The Rogers Control Trust, which consists largely of Rogers family members, is an entity that holds voting control of the company and determines who makes up the corporate board of directors. With a July 31 deadline for the Rogers-Shaw transaction, LeBlanc said it is crucial for the company to keep its eye on the ball: the takeover. He said the company should avoid getting into another governance spat similar to the dramatic and very public family power struggle that played out last year and began when son and corporate chair Edward Rogers attempted to oust then chief executive Joe Natale.
Cenovus Energy Inc. (TSX:CVE). Down $1.01 or 3.4 per cent to $29.08. British energy giant BP is exiting the Alberta oilsands to focus on offshore oil development instead. The company announced Monday a deal to sell its 50 per cent stake in the Sunrise oilsands project in northern Alberta to Cenovus Energy Inc. Under the agreement, Calgary-based Cenovus will pay $600 million in cash plus a variable payment with a maximum cumulative value of $600 million expiring after two years. Cenovus will also give BP its 35 per cent stake in the undeveloped Bay du Nord project in offshore Newfoundland and Labrador. The transaction means BP will no longer have interests in Canadian oilsands production and will shift its focus to future potential offshore growth. The company currently holds an interest in six exploration licenses in the offshore Eastern Newfoundland Region. BP is the latest international player to depart the Canadian oilsands, following on the heels of major companies such as Norwegian oil giant Equinor ASA — formerly Statoil — which completed its exit from the region last year when it sold its 18.8 per cent stake in Athabasca Oil Corp.
This report by The Canadian Press was first published June 13, 2022.
The Canadian Press