TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,789.97, up 172.49 points)
Northern Dynasty Minerals Ltd. (TSX:NDM). Materials. Up 40 cents, or 51.95 per cent, to $1.17 on 13.55 million shares.
D-BOX Technologies Inc. (TSX:DBO). Technology. Up 3.5 cents, or 31.82 per cent, to 14.5 cents on 6.81 million shares.
B2Gold Corp. (TSX:BTO). Materials. Up 36 cents, or 4.39 per cent, to $8.56 on 5.81 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up one cent, or 1.49 per cent, to 68 cents on 5.58 million shares.
Kinross Gold Corp. (TSX:ENB). Materials. Up 20 cents or 1.78 per cent, to $11.45 on 5.23 million shares.
The Toronto-Dominion Bank (TSX:TD). Financial services. Up $1.82, or 2.82 per cent, to $66.37 on 5.19 million shares.
Companies in the news:
National Bank of Canada. (TSX:NA). Up $2.95, or 4.34 per cent, to $71.00. National Bank’s third-quarter profit topped expectations even as it continued to put aside large sums to account for potential bad loans during the COVID-19 pandemic. The Montreal-based bank said Wednesday it earned $602 million or $1.66 per diluted share for the quarter ended July 31, which compared with a profit of $608 million or $1.66 in the same quarter last year. Provisions for credit losses amounted to $143 million, up from $86 million a year ago and $504 million in the prior quarter. “We were very proactive last quarter and significantly increased our PCLs, primarily to reflect the deterioration in the macroeconomic cost conditions caused by COVID-19,” chief executive Lous Vachon told financial analysts. The bank was able to slow its provisions for credit losses in part because the quarter saw 10,000 payment deferral requests, down from 75,000 in the previous quarter. Meanwhile, the bank’s revenue totalled $2.02 billion, down from $2.04 billion and, excluding specified items, it earned $1.66 per diluted share, the same as a year ago. Analysts on average had expected an adjusted profit of $1.30 per share, according to financial markets data firm Refinitiv.
Brookfield Asset Management Inc. (TSX:BAM.A). Up 71 cents, or 1.60 per cent, to $45.10. Brookfield Asset Management has named Mark Carney as vice-chair and head of ESG and impact fund investing. Carney is currently the United Nations special envoy for climate action and finance. Brookfield said Wednesday that the former governor of the Bank of Canada and Bank of England brings a wealth of knowledge and expertise to the role. Carney has long been an advocate calling for action on climate change, and said in a statement that he sees climate sustainability as “one of the greatest commercial opportunities of our time.” In his new role, he will spearhead an increasingly popular form of investing, focused on environmental, social and governance issues, as well as investments that yield both social and financial returns.
Royal Bank of Canada (TSX:RY). Up $1.48, or 1.48 per cent, to $101.40. The CEO of the Royal Bank says he believes the next few months will be difficult for the economy, despite signs of a rebound. Dave McKay said Wednesday that all eyes should be on the fall season as Canada continues to plot a recovery from the COVID-19 pandemic. To help Canadians cope, RBC has approved about 500,000 payment deferrals to customers and put aside $675 million for bad loans in its third quarter, up from $425 million at the same time last year but down from $2.83 billion in the quarter before. The bank reported a profit of $3.20 billion or $2.20 per diluted share in its third quarter compared with $3.26 billion or $2.22 per diluted share a year earlier. Revenue totalled $12.92 billion, up from $11.54 billion in the same quarter last year. On an adjusted basis, RBC says it earned $2.23 per diluted share in its latest quarter compared with an adjusted profit of $2.26 per diluted share a year ago. Analysts on average had expected an adjusted profit of $1.81 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Aug. 26, 2020.
The Canadian Press