TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,099.52, down 118.49 points.)
Suncor Energy Inc. (TSX:SU). Energy. Down $1.72, or 8.5 per cent, to $18.52 on 31.8 million shares.
Canadian Natural Resources (TSX:CNQ). Down $2.08, or 8.09 per cent, to $23.63 on 12.1 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 10 cents, or 0.52 per cent, to $19.06 on 11.2 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down one, or 0.02 per cent, to $41.23 on 9.7 million shares.
BCE Inc. (TSX:BCE). Telecommunications. Up 61 cents, or 1.09 per cent, to $56.45 on 8.05 million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Down 49 cents, or 0.89 per cent, to $54.85 on 6.9 million shares.
Companies in the news:
Suncor Energy Inc. — Shares in Suncor Energy Inc. traded sharply lower on Tuesday after it trimmed 2020 production guidance despite restarting its Base Plant oilsands mining operation following a fire in mid-August. Financial analysts rated its new production guidance as negative but welcomed news the repair costs at the mine are expected to be covered by insurance. Base Plant production was restored to 165,000 barrels per day of mined bitumen at the end of August following repairs but Suncor said it would restrict output going forward to manage bitumen quality going to its upgraders. It expects full rates of 300,000 bpd won’t be achieved until the middle of the fourth quarter. Meanwhile, the Calgary-based company said it is working to restart the second extraction train at its Fort Hills oilsands mine this month, taking project production to between 120,000 and 130,000 bpd.
Aurora Cannabis Inc. (TSX:ACB). Down $1.20 or 10.8 per cent to $9.92. Aurora Cannabis Inc. has a new leader just as the company is bracing itself to record up to $1.8 billion worth of goodwill impairment charges. The Edmonton-based cannabis company appointed Miguel Martin, who ran Aurora’s U.S. cannabidiol company Reliva and became chief commercial officer at Aurora in July, as chief executive on Tuesday. Martin replaces Michael Singer, who has been interim CEO since the retirement of Terry Booth in February and will remain executive chairman. Martin will be focused on making the company profitable in the Canadian market and building an international strategy. Aurora said Tuesday that it is expecting to incur a non-cash writedown of goodwill and intangible assets between $1.6 billion and $1.8 billion in the fourth quarter of its 2020 financial year, which ended on June 30. The writedown includes $140 million in inventory charges and a $90-million asset writedown.
Great-West Lifeco Inc. (TSX:GWO). Up 53 cents or 2.1 per cent to $26.29. Empower Retirement will strengthen its position in the U.S. retirement services market with a $4.4-billion acquisition announced Tuesday by parent company Great-West Lifeco Inc. and Massachusetts Mutual Life Insurance Co. The deal follows Empower’s recent acquisition of U.S. investment manager Personal Capital in a deal worth up to US$1 billion, including US$825 million up front and up to US$175 million over two years. Empower Retirement, based near Denver, administers $667 billion in assets for more than 9.7 million retirement plan participants as of June 30. The MassMutual retirement services business will add 26,000 plans with approximately 2.5 million participants and US$167 billion in assets. The deal is expected to close in the fourth quarter of 2020. MassMutual said the retirement plan portion of its business employs approximately 2,000 people.
This report by The Canadian Press was first published Sept. 8, 2020.
The Canadian Press