TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (15,670.70 up 84.13 points.)
Husky Energy Inc. (TSX:HSE). Energy. Down seven cents, or 1.96 per cent, to $350 on 14.3 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 19 cents, or 4.14 per cent, to $4.40 on 14.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up nine cents, or 0.6 per cent, to $15.09 on 9.8 million shares.
Kinross Gold Corp. (TSX:K). Materials. Up two cents, or 0.19 per cent, to $10.44 on 4.3 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up two cents, or 0.05 per cent, to $36.70 on 4.3 million shares.
Royal Bank of Canada (TSX:RY). Financials. Up $1.70, or 1.86 per cent, to $92.89 on 4.2 million shares.
Companies in the news:
RioCan Real Estate Investment Trust (TSX:REI.UN). Up 28 cents or two per cent to $14.44. Demand for space in prime office towers and shopping malls has plunged because the pandemic suddenly turned them into places that customers and tenants “don’t even want to go to,” RioCan Real Estate Investment Trust’s veteran chief executive said Tuesday. Another formerly “bulletproof” segment of the industry — multi-unit residential rental properties — is also being questioned due to government freezes on rents and evictions, Edward Sonshine said. An exception to the gloom, Sonshine said, has been strong demand for new condo developments and single-family residences. The real estate trust said it had $117.6 million of net income or 37 cents per unit for the three months ended Sept. 30, down from $177.6 million or 58 cents in the 2019 third quarter.
Gildan Activewear Inc. (TSX:GIL). Down 11 cents to $28.50. Gildan Activewear Inc. says it is feeling some of the same pain as the airline industry as COVID-19 has upended the tourism business and demand for holiday printed T-shirts. The Montreal-based clothing manufacturer is a big producer of imprintables, blank shirts that wholesale customers use to affix printed designs. Sales of these products decreased 21 per cent in North America in the third quarter and 25 per cent in international markets. In addition to less demand by vacationers on the hunt for souvenirs, demand for shirts has been reduced by the cancellation of sporting events and rock concerts, said CEO Glenn Chamandy. Gildan has partially offset some of this pressure by seeing sales of underwear — both private label products made for large retailers and its own Gildan brand — double in the latest quarter.
Husky Energy Inc. — The one-time costs of merging with Husky Energy Inc. are expected to total about $500 million, including severance, says the CEO of Cenovus Energy Inc., adding the expense is worth it given the expected savings of about $1.2 billion per year from synergies. Husky reported a $7.1-billion loss thanks mainly to $6.7 billion in non-cash impairment charges after taxes due to lower long-term commodity price expectations and reduced capital investment. Cenovus, meanwhile, reported a loss of $194 million driven by a $450 million impairment charge related to a refinery in Texas it co-owns with operator Phillips 66, along with lower oil price expectations.
Molson Coors Beverage Co. (TSX:TPX.B). Up 64 cents or 1.4 per cent to $44.94. Molson Coors Beverage Co. recorded a lacklustre third-quarter as ongoing COVID-19 restrictions and packaging material constraints curbed the brewing giant’s sales. The Montreal-based company, which reports in U.S. dollars, said Thursday it recorded net sales of US$2.75 billion for the three months ended Sept. 30, down 3.1 per cent compared with US$2.84 billion for the same quarter last year. Molson Coors chief executive Gavin Hattersley said the pandemic has presented obstacles for the brewer, including packaging materials for aluminum cans. Molson Coors said it earned net income of $342.8 million or $1.58 per diluted share for the quarter compared with a net loss of $402.8 million or $1.86 per diluted share a year ago when it took a large goodwill impairment charge.
This report by The Canadian Press was first published Oct. 29, 2020.
The Canadian Press