TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,644.99, up 130.55 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 21 cents, or one per cent, to $21.14 on 12.9 million shares.
Air Canada (TSX:AC). Industrials. Unchanged at $17.60 on 4.9 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 30 cents, or 0.78 per cent, to $38.34 on 4.6 million shares.
Northern Dynasty Minerals Ltd. (TSX:NDM). Materials. Up 12 cents, or 8.7 per cent, to $1.50 on 4.2 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up two cents, or 0.87 per cent, to $2.31 on 4.1 million shares.
WELL Health Technologies Corp. (TSX:WELL). Health care. Up $1.35, or 27.95 per cent, to $6.18 on 3.9 million shares.
Companies in the news:
Crescent Point Energy Corp. — Shares in Crescent Point Energy Corp. rose Tuesday as investors and analysts applauded its decision to restart oil and gas production shut down when energy prices crashed earlier this year. The Calgary-based company’s stock rose after it announced it would bring back some of the 25,000 barrels of oil equivalent per day it idled in the second quarter. Up to one million barrels per day of western Canadian oil production was taken offline earlier this year as global prices tanked due to low demand for fuel during the pandemic lockdowns and overflowing oil storage levels from a price war between OPEC and Russia. Many Canadian producers have restored or are restoring those barrels as benchmark U.S. oil prices recover to above US$40 per barrel.
Air Canada — European regulatory authorities have resumed their investigation into Air Canada’s proposed purchase of Transat AT, giving themselves a few more months to hand down a decision. The European Commission, which was awaiting additional data from the two Canadian travel companies, says it will reach a conclusion by Dec. 12. The commission’s antitrust body launched the investigation into the $720-million deal in May to determine whether it would hurt competition in Canadian and European markets. A preliminary review by the EU executive branch found that the would-be transaction could significantly reduce competition on 33 routes between the two jurisdictions. The finding aligned with concerns highlighted by Canada’s Competition Bureau, which warned in March — based on information collected prior to the COVID-19 pandemic — that eliminating the rivalry between the two Montreal-based carriers would prompt pricier fares and fewer services.
Rogers Communications Inc. (TSX:RCI.B). Up nine cents to $54.35. Rogers Communications Inc. is expanding 5G technology to 50 new markets, though most Canadians have yet to upgrade to devices compatible with the network. The telecommunications company said Tuesday the technology that promises near-instantaneous speeds for downloading, uploading and streaming will be launched in a mix of small towns and metropolitan centres across Ontario, Quebec, Alberta, British Columbia and Saskatchewan as it edges closer to its goal of bringing 5G to 60 markets by the end of the year. Hamilton, Waterloo, Gatineau, Edmonton, Calgary, Victoria, Surrey, Regina and Saskatoon will all gain access to 5G, building on the company’s January roll-out in downtown Vancouver, Toronto, Ottawa and Montreal. Telecommunications companies have long hyped the coming of 5G and Rogers has called it the “most transformative network technology offered since wireless services were introduced in 1985,” but most Canadians are still using networks from earlier generations.
Barrick Gold Corp. — Barrick Gold Corp. says it has suffered further setbacks in its fight with the national government over control of its Porgera Gold Mine in Papua New Guinea. The operating company that represents the Toronto-based miner and its partners says it lost a court challenge in the country over rights to the gold mine and intends to appeal to the country’s supreme court. It adds it has confirmation from the prime minister that the government has granted a special mining lease for Porgera to Kumul Mineral Holdings Ltd., the national mining company. Barrick Niugini Ltd., the joint venture mine operator that is owned 47.5 per cent each by Barrick and Zijin Mining Group of China, with the rest held by local landowners and the Enga provincial government, suspended production in April and placed the mine on care and maintenance status. It laid off 2,650 local mine workers in July, making permanent temporary layoffs enacted when the government said it would not extend its special mining lease.
This report by The Canadian Press was first published Sept. 1, 2020.
The Canadian Press