Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,471.29, up 89.09 points).
Encana Corp. (TSX:ECA). Energy. Down 21 cents, or 3.12 per cent, to $6.51 on 6.1 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 20 cents, or 0.97 per cent, to $20.47 on 5.1 million shares.
Prometic Life Sciences Inc. (TSX:PLI). Health care. Unchanged at two cents on 4.9 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 48 cents, or 2.02 per cent, to $24.28 on 4.6 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down five cents, or 2.27 per cent, to $2.15 on 4.6 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 29 cents, or 6.7 per cent, to $4.04 on 4 million shares.
Companies in the news:
Genworth MI Canada. (TSX:MIC). Up $1.26 or three per cent to $42.70. Genworth Financial Inc. said it has “no choice” but to consider the sale of its Canadian arm due to a “lack of transparent feedback or guidance” from regulators regarding Ottawa’s review of the U.S. company’s pending takeover by China Oceanwide Holdings Group Co. Ltd. The Virginia-based mortgage insurer said on Monday it has agreed with Oceanwide to “consider strategic alternatives” for Genworth MI Canada due to the “absence of any substantive progress” in discussions with Canadian regulators regarding the review of the transaction announced in 2016.
Western Forest Products Inc. (TSX:WEF). Up six cents or 3.75 per cent to $1.66. About 3,000 forestry workers are on strike in coastal British Columbia after negotiations between Western Forest Products Inc. and the United Steelworkers failed to produce a new contract. Western Forest Products say about 1,500 of the company’s hourly employees and 1,500 employees working for its timberland contractors and operators walked off the job Monday. United Steelworkers Local 1-1937 says members, who voted 98.8 per cent in favour of striking, have started the job action because the company has not seriously addressed union proposals and continues to keep “massive concessions” on the bargaining table.
Canadian National Railway (TSX:CNR). Up $2.31 or 1.9 per cent to $123.51. CN Rail says it is on track to move record quantities of western Canadian grain after a strong June. The country’s largest railway says it transported more than 2.3 million tonnes of grain last month. The total was up nearly 16 per cent from the 1.99 million tonnes moved last year and above the three-year average of 1.8 million tonnes. After 11 months of the 2018-19 crop year, the Montreal-based railway is on record pace at 25.5 million tonnes shipped.
Dollarama Inc. (TSX:DOL). Up $1.69 or 3.7 per cent to $47.76. Dollarama Inc. has signed a deal to buy a 50.1 per cent stake in Latin American retailer Dollarcity, which operates stores in Colombia, Guatemala and El Salvador. Under the deal, Montreal-based retailer said Tuesday the estimated purchase price was in a range from US$85 million to US$95 million based on financial projections provided by Dollarcity management. The deal is expected to add two to three cents per share to Dollarama earnings for the remainder of its 2020 financial year, which began in February, and five to seven cents per share for its 2021 financial year.
Hydro One Ltd. (TSX:H). Up seven cents to $22.91. Hydro One Ltd. says Tim Hodgson has been appointed by its board of directors to serve as the utility’s chairman starting next month. He will replace Tom Woods, who announced last week that he would step down from the role at the end of July. Hodgson is managing partner of Alignvest Management Corp., a private alternative asset management firm, and chair of the investment committee of PSP Investments which invests funds for the pension plans of the federal Public Service, the Canadian Armed Forces and the Royal Canadian Mounted Police. He has also served as a special adviser to the governor of the Bank of Canada and as chief executive of Goldman Sachs Canada.
The Canadian Press