TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,183.66, up 60.18 points.)
Enbridge Inc. (TSX:ENB). Energy. Down 33 cents, or 0.79 per cent, to $41.28 on 11.2 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 10 cents, or 0.52 per cent, to $19.04 on 10.1 million shares.
Just Energy Group Inc. (TSX:JE). Energy. Up 27.5 cents, or 58 per cent, to 75 cents on 8.2 million shares.
Bank of Nova Scotia (TSX:BNS). Financials. Down 52 cents, or 0.92 per cent, to $56.06 on 7.8 million shares.
Royal Bank of Canada (TSX:RY). Financials. Down 92 cents, or 0.96 per cent, to $94.94 on 7.6 million shares.
Toronto-Dominion Bank (TSX:TD). Financials. Up four cents, or 0.06 per cent, to $61.72 on 5.8 million shares.
Companies in the news:
Aurora Cannabis Inc. (TSX:ACB) Down 52 cents to $15.64. Aurora is reorganizing its European operations and cutting some jobs. The Edmonton-based cannabis company said the layoffs will amount to a one-quarter workforce reduction in select countries and in a regional office. Spokeswoman Laura Gallant refused to specify exactly how many workers or which specific offices are impacted, but said the decision is part of Aurora’s restructuring announced in February. The restructuring aims to help Aurora better align its international operations with current market conditions, and has already caused more than 1,000 employees to be laid off and more than five Aurora sites to be closed. The company said it will also fully acquire its Aurora Nordic Cannabis A/S facility in Odense, Denmark, which it will use to ramp up operations over the next 12 months and meet demand in the European medical cannabis market. Mads Ulrik Pedersen, who is currently CEO of Aurora Nordic, has been appointed president of the European organization effective immediately and will oversee a new growth strategy.
Yamana Gold Inc. (TSX:YRI). Up 29 cents to $7.86. Yamana says it is in the advanced stages of listing its shares on the London Stock Exchange. It is currently listed on the New York Stock Exchange and the Toronto Stock Exchange. It said a listing in London will increase its exposure to potential European investors who have few other large gold producers to choose from but it does not intend to raise equity capital in conjunction with the new listing. Yamana has interests in five mines including Canadian Malartic (50 per cent interest), the Jacobina Mine in Brazil, the El Penon and Minera Florida mines in Chile, and the Cerro Moro Mine in Argentina. It produced about one million gold equivalent ounces in 2019, recording US$1.6 billion in revenue and net earnings of US$226 million at an average gold price of US$1,392 per ounce.
Ensign Energy Services Inc. (ESI). Unchanged at 73 cents. Analysts are split on the wisdom of Ensign’s US$33.4-million (C$45.2 million) move to buy out partner Halliburton Co.’s stake in an international drilling joint venture. The Calgary-based drilling company announced Friday after markets closed that it would buy the 40 per cent it doesn’t already own in Trinidad Drilling International from its major American oilfield services partner. The joint venture operates five drilling rigs, two under long-term contracts in Kuwait, another under contract in Bahrain and two “cold-stacked” (idle) rigs in Mexico. Ensign inherited its 60 per cent stake in the partnership when it bought Calgary rival Trinidad Drilling Ltd. in 2018, but Canadian drillers have been loath to spend capital this year as oilfield activity slows due to the economic affect of the COVID-19 pandemic. Analyst Ian Gillies of Stifel FirstEnergy says in a report the purchase creates balance sheet risk, noting that Ensign also warns it may be in violation of a debt covenant later this year. But RBC analysts say in a report the “counter-cyclical manoeuvre” ahead of its bank line renewal and covenant relief discussions signals confidence.
This report by The Canadian Press was first published July 20, 2020.
The Canadian Press