TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,123.48 , up 98.98 points.)
Algonquin Power & Utilities (TSX:AQN). Utilities. Up 15 cents, or 0.81 per cent, to $18.74 on 5.7 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up one cent, or 2.33 per cent, to 44 cents on 5.6 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down 33 cents, or 1.38 per cent, to $23.55 on 5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 13 cents, or 2.1 per cent, to $6.07 on 4.1 million shares.
The Toronto-Dominion Bank (TSX:TD). Financials. Down 12 cents, or 0.19 per cent, to $61.68 on 4.05 million shares.
Royal Bank of Canada (TSX:RY). Financials. Up 10 cents, or 0.1 per cent, to $95.86 on 3.9 million shares.
Companies in the news:
Telus Corp. (TSX:T). Down three cents to $23.85. The Mobile Klinik chain of smartphone repair and resale shops plans to speed up its expansion with the help of its new owner, Telus Corp. Mobile Klinik has 79 corporate and two franchised stores and will soon add two locations in Nova Scotia and P.E.I., giving it a presence in all 10 provinces. Telus acquired the privately owned repair chain this month for an undisclosed amount, but Mobile Klinik expects to operate as an independent division serving customers of all carriers. Mobile Klinik chief executive Tim McGuire said practically every Canadian has a cellphone and many have more than one. Mobile Klinik has discovered that it can successfully operate in towns as small as 15,000 to 20,000 people and possible fewer, McGuire said. It’s also conducting an experiment in Vegreville, Alta., a town of fewer than 6,000 residents east of Edmonton. McGuire added that Mobile Klinik will continue to work with Rogers and Bell, which own Canada’s other two national wireless networks, as well as hardware vendors including Apple and Samsung.
Quebecor Inc. (TSX:QBR.B). Up 66 cents, or 2.3 per cent, to $29.78. A takeover proposal from the Cirque du Soleil’s secured creditors has been approved as the benchmark bid for a court-supervised auction of the insolvent entertainment company. The creditor proposal replaces a shareholder offer as the so-called stalking horse bid, which establishes the minimum conditions to be met for potential rival bids. The offer by a group of debt holders led by Toronto firm Catalyst Capital Group is valued at approximately US$1.2 billion, according to court-appointed monitor Ernst & Young. Up to US$375 million will be made available to the Cirque whose operations have ground to a halt because of the COVID-19 pandemic, while two funds totalling US$20 million will be set up to pay money owed to former employees and artisans. The agreement also commits to maintain Cirque’s head office in Montreal for at least five years. Other bidders have until Aug. 18 to submit fully funded offers that are at least US$1.5 million higher than the creditor bid, under a process overseen by the Quebec Superior Court. Telecommunications conglomerate Quebecor Inc. says it is no longer interested in participating in the auction, while Cirque founder Guy Laliberte, who sold his stake in February, remains interested.
Cineplex Inc. (TSX:CGX). Down 18 cents, or 2.1 per cent, to $8.55. Cineplex Inc. says it is laying off more than 130 workers as the company continues to grapple with the COVID-19 pandemic and a takeover deal that has turned litigious. The Toronto-based theatre chain says workers in Canada and the U.S. are impacted by the cuts, which includes senior executives due to retire. Cineplex says it is confident its business will recover from the COVID-19 closures but in the short- and medium-term it will focus on a smaller number of projects and priorities. It is in the process of reopening many of its theatres that closed as the pandemic began to spread and is implementing distanced seating, reservations and additional cleanings. Cineplex is also suing U.K.-based Cineworld Group PLC, which was due to purchase Cineplex for $2.8 billion, but walked away from the deal because of alleged material adverse effects and breaches of contract. Cineplex has denied the claims and says Cineworld is backing away from the deal because of buyer’s remorse.
This report by The Canadian Press was first published July 17, 2020.
The Canadian Press