TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (14,811.56, up 66.52 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up 3.5 cents, or 7.07 per cent, to 53 cents on 17.5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 37 cents, or 7.79 per cent, to $5.12 on 13.1 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 45 cents, or 1.9 per cent, to $23.28 on 10.5 million shares.
MEG Energy Corp.(TSX:MEG). Energy. Up 47 cents, or 16.15 per cent, to $3.38 on 10.2 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Up one cent, or 0.56 per cent, to $1.80 on 8.9 million shares.
Air Canada (TSX:AC). Industrials. Down 62 cents, or 3.52 per cent, to $17.01 on 8.1 million shares.
Companies in the news:
SNC-Lavalin Goup Inc. (TSX:SNC). Down 39 cents to $23.49. SNC-Lavalin Goup Inc. says Kevin Lynch plans to step down as chairman of the board of directors once a successor has been chosen by the board. The engineering firm says the process for choosing a replacement will be led by the board’s governance and ethics committee, and that Lynch has asked that it be completed by no later than September. SNC has been working to set a new strategic direction in recent months including the addition of several new senior executives and changes on its board of directors.
George Weston Ltd. (TSX:WN).Up 65 cents to $99.20. The parent company of baked-goods manufacturer Weston Foods saw sales from food service clients, such as restaurants, slashed in half amid dining room closures as governments work to contain the COVID-19 pandemic. The company, whose operating arms include Weston Foods, Loblaw Companies Ltd. and Choice Properties Real Estate Investment Trust, did not see its businesses significantly impacted from a financial perspective by the outbreak during its first quarter, which ended March 21, said CEO Richard Dufresne. Its profit available to common shareholders totalled $582 million for the first quarter compared with a $488-million loss a year earlier.
MEG Energy Corp. — Shares in oilsands producer MEG Energy Corp. surged amid strengthening oil prices after it reported it would cut its capital spending plan for a second time in two months. The Calgary-based company said it now expects its capital spending to total $150 million in 2020, down from an estimate of $200 million in March and $250 million in its original guidance released late last year. Salaries are being reduced across the company as of June 1, MEG said, with a 25 per cent cut to CEO Derek Evans’ annual base salary and to board member cash compensation.
Heroux-Devtek Inc. (TSX:HRX). Down 15 cents to $10.51. Heroux-Devtek Inc. says it will reduce its workforce by 10 per cent, or about 225 employees, due to falling demand in the commercial aerospace market due to the COVID-19 pandemic. About 125 of the job cuts are in Quebec, where Heroux-Devtek has its head office and largest operations. It says the former Alta Precision plant will also close. The company manufactures landing gear for military and civilian aircraft.
Enbridge Inc. (TSX:ENB). Up 50 cents to $43.06. Analysts say an Enbridge Inc. plan to use an idled leg of its Mainline pipeline system to store surplus Western Canadian oil will help offset lower volumes on the system as U.S. refineries buy less oil to match lower demand. Enbridge has applied to the Canada Energy Regulator for permission to use a portion of its Line 3 pipeline in Saskatchewan and Manitoba to store about 900,000 barrels of oil starting June 1. The pipeline is scheduled to be decommissioned next year after it was replaced by a new segment that came into service late last year.
This report by The Canadian Press was first published May 5, 2020.
The Canadian Press