TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (14,830.74, up 19.18 points.)
Freegold Ventures Ltd. (TSX:FVL). Materials. Up nine cents, or 112.5 per cent, to 17 cents on 26.5 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 21 cents, or 0.49 per cent, to $43.27 on 25 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Unchanged at 53 cents on 13.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 78 cents, or 3.35 per cent, to $22.50 on 13.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down nine cents, or 1.76 per cent, to $5.03 on 9.6 million shares.
B2Gold Corp. (TSX:BTO). Materials. Up six cents, or 0.79 per cent, to $7.67 on 9.5 million shares.
Companies in the news:
Shopify Inc. (TSX:SHOP). Up $67.17, or 6.9 per cent, to $1,034.42. Shopify Inc. overtook RBC as the most valuable Canadian company Wednesday after the company’s share price climbed on signs demand for online commerce is higher than ever. Shopify shares have more than doubled in price since mid-March, as brick and mortar retailers that were forced to close amid the COVID-19 pandemic sought online alternatives. Shopify said new store creation jumped by 62 per cent between March 13 and April 24 compared with the six weeks prior, thanks in part to its offer of free 90-day trials of basic accounts for new merchants.
Suncor Energy Inc. — Consumer demand for fuel is growing slightly after a sudden decline due to measures to deal with the COVID-19 pandemic but the CEO of Suncor Energy Inc. says he doesn’t expect a full recovery for his company or the Canadian energy sector until at least 2022. The Calgary-based oilsands and refining giant surprised analysts by cutting its quarterly dividend by 55 per cent to 21 cents per share as it reported a first-quarter net loss of $3.525 billion on Tuesday. It had 18 years of consecutive annual dividend increases, with the latest announced in February.
Barrick Gold Corp. (TSX:ABX). Down $2.14, or 5.4 per cent, to $37.52. Barrick Gold Corp. has withdrawn production guidance for its Porgera gold mine in Papua New Guinea after suspending operations amid a dispute with the national government over an extension of its expired mining permit. The company now expects its 2020 overall gold production to be between 4.6 and 5.0 million ounces, about 200,000 ounces lower than its previous estimate that included production from Porgera. The mine was shut down in April after the government said it wanted to negotiate an exit strategy for Barrick Niugini Ltd., the joint venture mine owner and operator that is owned 47.5 per cent each by Barrick and partner Zijin Mining Group of China.
Sun Life Financial Inc. (TSX:SLF). Up $3.02, or 6.7 per cent, to $47.81. Market declines triggered by COVID-19 have rattled Sun Life Financial Inc., whose net income plunged by 37 per cent to $391 million in its first quarter. The Toronto-based insurer said it earned 67 cents per share for the three months ended March 31, down from $1.04 per share or $623 million a year earlier. The pandemic pushed Sun Life — and every other insurer — to quickly adapt to a population with very different demands and one that has suffered mass layoffs and pay cuts.
Crescent Point Energy Corp. (TSX:CPG). Down nine cents, or 4.7 per cent, to $1.81. Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices. The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago. Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared with $158.3 million or 29 cents per share in the first three months of 2019.
This report by The Canadian Press was first published May 6, 2020.
The Canadian Press