Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,131.47, down 165.99 points).
Avalon Advanced Materials Inc. (TSX:AVL). Materials. Up five cents, or 66.67 per cent, to 12.5 cents on 10.9 million shares.
Encana Corp. (TSX:ECA). Energy. Down three cents, or 0.38 per cent, to $7.89 on 6.7 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up $1.36, or 3.84 per cent, to $36.81 on 6.7 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down $1.05, or 2.05 per cent, to $50.15 on 6 million shares.
RNC Minerals. (TSX:RNX). Materials. Up four cents, or 9.3 per cent, to 47 cents on 4.8 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 12 cents, or 1.07 per cent, to $11.32 on 4.7 million shares.
Canadian Natural Resources Ltd. — The Calgary-based oil producer announced Wednesday it is buying the northern Alberta oilsands and heavy oil operations of Oklahoma City-based Devon Energy Corp. for $3.78 billion. The Devon assets represent the “textbook definition of excellent fit,” Steve Laut, CNRL’s executive vice-chairman, said, adding his company has already identified $135 million in synergistic annual cost savings it aims to achieve by the end of the year. Wednesday’s deal is Canadian Natural’s seventh major acquisition since 2014, when it struck a $3.12-billion agreement to buy most of Devon’s non-heavy oil Canadian assets, according to a report from Wood Mackenzie.
Bank of Montreal (TSX:BMO). Down $2.69 or 2.6 per cent to $100.35. The Bank of Montreal’s strong contributions from its U.S. business in its second quarter were not enough to satisfy expectations due to severance costs — a move that the lender expects to generate millions of cost savings in the long run. Canada’s fourth-largest bank benefited from growth in the U.S. and at home, as well as in wealth management in its second quarter, but BMO Capital markets saw a drop in quarterly profits to $1.5 billion as it took a non-recurring severance charge of $120 million before taxes. The Toronto-based lender also hiked its quarterly payment to shareholders by three cents to $1.03 per share.
Canada Goose Holdings Inc. (TSX:GOOS). Down $20.69 or 31 per cent to $45.94. The chief executive of Canada Goose Holdings Inc. defended the luxury parka retailer’s growth plans as its shares lost about a quarter of their value in the wake of the company’s latest financial results and guidance. In its outlook, the company said Wednesday it expects annual sales growth of at least 20 per cent this year, however Canada Goose posted revenue growth of 40 per cent in its most recent financial year as its sales totalled $830.5 million, up from $591 million in the previous year. Revenue for the company’s most recent quarter also showed the slowest growth in eight quarters, rising to $156.2 million from $124.8 million and slightly short of analyst expectations.
SNC-Lavalin Inc. (TSX:SNC). Down 81 cents or 3.2 per cent to $24.17. A Quebec judge has ruled there is enough evidence to send SNC-Lavalin Group Inc. to trial on charges of fraud and corruption, surprising few and prompting a further tumble in the beleaguered firm’s share price. The company has previously pleaded not guilty and CEO Neil Bruce said that “we will vigorously defend ourselves to get the right outcome and be acquitted.” The Montreal-based engineering and construction giant is accused of paying $47.7 million in bribes to public officials in Libya between 2001 and 2011. The company, its construction division and a subsidiary also face one charge each of fraud and corruption for allegedly defrauding various Libyan organizations of $129.8 million.
The Canadian Press