TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (15,262.73, down 9.30 points.)
Sun Life Financial Inc. (TSX:SLF). Financials. Down 30 cents, or 0.62 per cent, to $48.09 on 24.6 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 26 cents, or 1.07 per cent, to $24.02 on 15 million shares.
Great-West Lifeco Inc. (TSX:GWO). Financials. Up two cents, or 0.09 per cent, to $22.47 on 13.8 million shares.
Zenabis Global Inc. (TSX:ZENA). Health care. Up two cents, or 16 per cent, to 14.5 cents on 12.8 million shares.
Air Canada (TSX:AC). Industrials. Down 44 cents, or 2.68 per cent, to $16 on 11.5 million shares.
Bombardier Inc. (TSX:BBD.B). Transport. Down four cents, or 7.69 per cent, to 48 cents on 11.2 million shares.
Companies in the news:
Sienna Senior Living Inc. (TSX:SIA). Down 72 cents or 6.8 per cent to $9.84. Shares in a company at the centre of a nursing home scandal in Ontario fell to new depths on the Toronto Stock Exchange. Shares in Sienna Senior Living Inc. plunged by as much as 8.3 per cent on Thursday to $9.68, a near 10-year low that’s almost 50 per cent less than their $19.64 close on Feb. 18. The company is the operator of the Altamont Care Community in Scarborough, Ont., named in a Canadian Armed Forces report this week for inadequate care and feeding of residents due to insufficient staff during the COVID-19 pandemic. The virus is blamed for 52 deaths there.
BRP Inc. (TSX:DOO). Down $1.84 or 3.6 per cent to $48.87. BRP Inc. posted a $226.1-million loss in its latest quarter and forecasted a rougher ride ahead for sales as the Ski-Doo and Sea-Doo maker navigates the COVID-19 pandemic. First-quarter sales fell in all regions except the United States as the virus prompted dealerships and plants to shut down. The company expects a 40 per cent revenue decline in the second quarter, propped up only by sustained demand among Americans. Chief executive Jose Boisjoli said “staycations and social distancing” will work to the advantage of the power sports vehicle producer. But he acknowledged that the fallout of an ongoing recession could weigh more heavily on sales, with revenue expected to drop between 10 and 20 per cent in the second half of its financial year.
Air Canada — Air Canada has increased the size of a financing deal announced earlier this week to roughly $1.4 billion as it works to bolster its coffers to deal with the pandemic. The company says the shares in the offering have been priced at $16.25 apiece. It plans to issue 30.8 million shares to raise about $500.5 million. The airline will also issue US$650 million in convertible senior unsecured notes due in 2025, up from an initial plan for US$400 million. The convertible notes will have an annual interest rate of four per cent and be convertible into Air Canada shares at a price of approximately US$15.35 per share.
Canadian Imperial Bank of Commerce (TSX:CM). Down $1.86 or two per cent to $89.94. CIBC took a nearly $1-billion hit to its second-quarter profit as its provisions for credit losses soared due to the pandemic and the plunge in oil prices. The Toronto-based bank said Thursday that it earned $392 million for the quarter ended April 30, down from a profit of $1.35 billion in the same quarter last year. Chief executive Victor Dodig warned analysts on a call that the conditions that created those decreases are unlikely to abate soon, but said the bank has the resources to cope with such troubles.
TD Bank Group (TSX:TD). Down $2.41 or 3.8 per cent to $60.29. TD Bank Group reported its provisions for credit losses soared to nearly $3.22 billion in its second quarter as it booked a profit of nearly $1.52 billion. The bank’s provisions for credit losses were up from $633 million in the same quarter last year as the COVID-19 pandemic tore through the economy. TD reported Thursday its profit for the quarter ended April 30 totalled 80 cents per diluted share, down from $3.17 billion or $1.70 per diluted share a year ago. On an adjusted basis, the bank says it earned 85 cents per share in its most recent quarter, down from $1.75 in the same quarter last year.
This report by The Canadian Press was first published May 28, 2020.
The Canadian Press