Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,503.35, up 149.90 points).
Stornoway Diamond Corp. (TSX:SWY). Materials. Up half a cent, or 25 per cent, to 2.5 cents on 27.4 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down 14 cents, or 5.83 per cent, to $2.26 on 10.7 million shares.
Encana Corp. (TSX:ECA). Energy. Up nine cents, or 1.39 per cent, to $6.55 on 6.5 million shares
Argex Titanium Inc. (TSX:RGX). Materials. Down half a cent, or 20 per cent, to two cents on 6.4 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 50 cents, or 2.15 per cent to $23.73 on 6.1 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 36 cents, or 0.78 per cent, to $46.30 on 6 million shares.
Companies in the news:
Hudson’s Bay Co. (TSX:HBC). Down 23 cents or 2.2 per cent to $10.02. The Ontario Teachers’ Pension Plan has terminated an agreement to sell its 10 per cent stake in Hudson’s Bay Co. to a private entity controlled by the retailer’s executive chairman, Richard Baker. The pension fund manager had agreed to sell nearly 18 million shares for $9.45 each to an entity controlled by Baker. Ontario Teachers now appears to be part of the minority shareholder group that will decide whether to accept the Baker-led buyout offer to take HBC private. Land and Buildings Investment Management, a long-time critic of HBC’s performance under Baker’s leadership, called the privatization offer “woefully inadequate.”
Enbridge Energy. — Enbridge Energy’s plan to replace an aging crude oil pipeline that runs through northern Minnesota hit another obstacle Tuesday when two state agencies said they would hold up approval of the project’s permits until problems with its environmental review are resolved. The Minnesota Pollution Control Agency and Department of Natural Resources said they can’t take final action on the permits for the Line 3 project until the independent Public Utilities Commission addresses the deficiencies cited in a state appeals court ruling this month.
SNC-Lavalin Group Inc. (TSX:SNC). Up $1.43 or 5.5 per cent to $27.33. The new head of SNC-Lavalin Group Inc. has named a senior executive to oversee big-ticket contracts in an effort to keep a lid on costs at the beleaguered company, which announced further streamlining Tuesday. Interim chief executive Ian Edwards has appointed Nigel White as executive vice-president of a newly created oversight project office in the United Kingdom that reports directly to the CEO. The oversight function will underpin all four sectors of the engineering and construction giant to assess risk and troubleshoot project issues, Edwards said in a release. The firm will also fold its hydro, transmission and renewables operations into SNC’s infrastructure unit.
The Canadian Press