Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,600.37, down 13.09 points).
Sherritt International Corp. (TSX:S). Materials. Down 6.5 cents, or 25 per cent, to 19.5 cents on 10.5 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up two cents, or 0.85 per cent, to $2.36 on 9.3 million shares.
Prometic Life Sciences Inc. (TSX:PLI). Health care. Unchanged at six cents on 8.2 million shares.
Manulife Financial Corp. (TSX:MFC). Down nine cents, or 0.37 per cent, to $24.44 on 7.6 million shares.
Hexo Corp. (TSX:HEXO). Health care. Up 63 cents, or 6.01 per cent, to 11.11 on 6.3 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 16 cents, or 0.32 per cent, to $50.12 on 5.8 million shares.
SNC-Lavalin Group Inc. (TSX:SNC). A former director of SNC-Lavalin Group Inc. is calling for a shareholder vote on what he describes as the company’s “cruel and Machiavellian” decision to sell the bulk of its stake in Ontario’s 407 toll highway operator for $3.25 billion. Stephen Jarislowsky said the sale runs counter to responsible management, as the firm’s 407 assets comprise about four-fifths of the $5.86-billion market capitalization of a company that he suggested derives only a thin strip of its value from its legacy engineering business.
Shopify Inc. (TSX:SHOP). Shopify Inc.’s share price jumped 7.4 per cent after the company beat earnings expectations and boosted its full-year forecast. The boost came after the Ottawa-based company, which reports in U.S. dollars, said it had adjusted earnings of US$10.3 million or nine cents per share for the first quarter while analysts had expected a loss of five cents per share, according to Thomson Reuters Eikon. Revenue of $320.5 million was up 50 per cent from the $214.3 million a year ago, and above the $310 million expected by analysts.
Encana Corp. (TSX:ECA). Encana Corp. shares rose sharply and then fell in early trading on the Toronto Stock Exchange on Tuesday after it reported first-quarter production and financial results that missed analyst expectations. The Calgary-based oil and gas producer closed the all-shares acquisition of U.S. rival Newfield Exploration Co. in mid-February, thus gaining a new core operating area in the Anadarko Basin of Oklahoma. Encana, which keeps its books in U.S. dollars, reported a net loss of $245 million in its latest quarter as it was hit by $113 million in employee severance and outplacement costs and non-cash losses of $427 million from its commodity hedging program.
Transat AT Inc. (TSX:TRZ). Transat AT soared more than 40 per cent Tuesday after the tour and travel company announced preliminary talks regarding the possible sale of the company. The Montreal-based company said before its annual meeting that it is in talks with more than one party regarding a potential transaction following expressions of interest it received. Transat said it has formed a special committee of independent directors to evaluate the proposals with the assistance of financial and legal advisers. The company has embarked on a financial turnaround and plans to build a network of hotels on sun destination beaches in the hope that this will better position it in the face of increased competition from Canadian rivals such as Air Canada Rouge, WestJet Vacations and Sunwing Airlines.
The Canadian Press