Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,502.42, down 8.40 points).
Turquoise Hill Resources Ltd. (TSX:TRQ). Materials. Down 60 cents, or 43.17 per cent, to 79 cents on 14.2 million shares.
Encana Corp. (TSX:ECA). Energy. Down 10 cents, or 1.62 per cent, to $6.08 on 10.3 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up three cents, or 1.36 per cent, to $2.24 on 5.5 million shares.
CannTrust Holdings Inc. (TSX:TRST). Health care. Down 38 cents, or 9.55 per cent, to $3.60 on 4.6 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 28 cents, or 1.31 per cent, to $21.03 on 3.9 million shares.
Burcon Nutrascience Corp. (TSX:BU). Health care. Up 28 cents, or 31.11 per cent, to $1.18 on 3.9 million shares.
Companies in the news:
Turquoise Hill Resources Ltd. — Shares of Turquoise Hill Resources Ltd. plummeted after news of expected delays and cost overruns at a major mine project in Mongolia. The Vancouver-based company, 50.8 per cent owned by mining giant Rio Tinto Group, says the underground Oyu Tolgoi mine could be delayed by 16 to 30 months and cost between US$1.2 billion and US$1.9 billion more than expected. The company says stability risks at the massive underground development have forced a rethink of the mine plan, with a finalized update not expected until the second half of next year.
Canadian Pacific Railway Ltd. (TSX:CP). Up $12.59 or 4.07 per cent to $322.25. CP Rail announced record second-quarter revenues of nearly $2 billion Tuesday, beating analysts’ expectations and sending its stock to an all-time high. CP Rail reported that traffic increased in all categories, with grain hitting its third-highest level in the company’s 138-year history at $422 million, a 13 per cent year-over-year boost. Six of the railway’s nine lines of business grew by double digits. Net income jumped more than two-thirds to $724 million or $5.17 per diluted share, compared with $436 million or $3.04 per diluted share a year ago.
Aimia Inc. (TSX:AIM). Up 10 cents or 2.57 per cent to $3.99. The largest shareholder of Aimia Inc. raised objections Tuesday regarding how the company went about appointing two new directors in the latest escalation of tensions between management and investors at the loyalty rewards company. Mittleman Brothers LLC, which owns or controls about 23.3 per cent of Aimia’s outstanding shares, said the company did not consult it on the directors it appointed Monday. The appointments, which increase the board size by a third, go against the company’s aim of reducing the board from nine members to six to cut costs, Mittleman Brothers said.
The Canadian Press