TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,162.96 , down 20.70 points.)
Royal Bank of Canada (TSX:RY). Financials. Up 76 cents, or 0.80 per cent, to $95.70 on 10.32 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 68 cents, or 11.45 per cent, to $6.62 on 8.66 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 30 cents, or 14.63 per cent, to $2.35 on 8.63 million shares.
Northern Dynasty Minerals Ltd. (TSX:NDM). Materials. Up 32 cents, or 12.12 per cent, to $2.96 on 8.07 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 13 cents or 0.68 per cent, to $19.17 on 7.52 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $1.84, or 8.13 per cent, to $24.48 on 6.78 million shares.
Companies in the news:
Iamgold Corp. (TSX:IMG) Down 21 cents to $6.43. Iamgold says it is going ahead with its US$1.3-billion Cote Gold mine in northern Ontario as world gold prices reach nine-year highs over US$1,830 per ounce. Construction of the project which is 30 per cent owned by Sumitomo Metal Mining Co. is to start this summer with preparatory work including fish salvage, camp preparation and road access development. The project is expected to generate more than 1,000 jobs during 32 months of construction and 450 operations jobs when it opens in the second half of 2023. Mine life is estimated at 18 years. Iamgold CEO Gordon Stothart says the project is “transformational” for the company, noting it has estimated gold reserves of over seven million ounces along with exploration potential.
Torstar Corp. (TSX:TS.B) Up one cent to 74 cents. The $60-million acquisition of the Torstar Corp. newspaper group by NordStar Capital LP was approved by shareholders Tuesday, despite a rival group’s last-minute offer to increase its cash bid. A preliminary count of votes tallied after a brief online meeting showed the deal recommended by Torstar’s board received the necessary support from the company’s shareholders. Although the shareholder vote is a critical step in closing the deal, the transaction remains subject to regulatory and court approvals. John Honderich, who chaired the online meeting, noted that any deal requires approval from the Torstar Voting Trust, which is controlled by five families including the Honderichs, as well as a majority of class B non-voting shares. The Torstar board issued a statement Monday that NordStar’s amended offer remained superior to the latest proposal from Canadian Modern Media Holdings Inc. CMMH increased its proposed offer to 80 cents per share in cash on Monday but Torstar said NordStar’s offer of 74 cents per share was superior because it could be completed more quickly. NordStar’s initial offer was worth $52 million or 63 cents per share when announced on May 27 but was increased after the rival group came forward with another proposal on July 10. Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal’s La Presse.
PrairieSky Royalty Ltd. (TSX:PSK) Up 47 cents to $8.74. PrairieSky said Tuesday its oil production is beginning to recover after it was curtailed by an average of 30 per cent in the second quarter due to low crude prices. The Calgary-based company, which earns revenue by sharing in production from lands for which it holds the petroleum mineral rights, said it produced 18,670 barrels of oil equivalent per day in the three months ended June 30, down 16 per cent from the first quarter. No new wells were started on its properties in the three months ended June 30 but there are signs that activity will pick up later this year as oil prices strengthen, said CEO Andrew Phillips on a conference call. PrairieSky’s production shortfalls are expected to be a common theme as larger oilpatch players including Suncor Energy Inc. and Cenovus Energy Corp. roll out second quarter results later this week. Producers in Western Canada are estimated to have shut down wells producing more than 800,000 barrels per day of oil at times in the second quarter due to plunging prices amid the economic downturn associated with the COVID-19 lockdowns. Crude oil production at PrairieSky fell by 30 per cent to 6,035 barrels per day over the quarter from 8,740 bpd in the year-earlier period as its average realized price fell to C$24.31 per barrel from C$65.48.
This report by The Canadian Press was first published July 21, 2020.
The Canadian Press