TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,475.86, up 193.03 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up $3.77, or 24.67 per cent, to $19.05 on 33.1 million shares.
Air Canada (TSX:AC). Industrials. I[p $4.53, or 28.63 per cent, to $20.35 on 27.2 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up $2.01, or 5.61 per cent, to $37.83 on 25.5 million shares.
Aurora Cannabis Inc. (TSX:ACB). Health care. Up $1.90, or 14.9 per cent, to $14.65 on 20.6 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up $2.06, or 10.94 per cent, to $20.89 on 17.5 million shares.
Canadian Natural Resources (TSX:CNQ). Up $4.83, or 22.61 per cent, to $26.19 on 16.2 million shares.
Companies in the news:
Air Canada — Air Canada shares surged more than 28 per cent Monday as news of a potential COVID-19 vaccine and government assistance for the industry eclipsed dismal third-quarter results brought about by global pandemic lockdowns. The Montreal-based airline said it lost $685 million, or $2.31 per diluted share, in the three months ending Sept. 30, during what is normally its most profitable quarter. During the same period last year, Air Canada had a profit of $636 million, or $2.35 per diluted share. Third-quarter sales fell 86 per cent from a year ago, down to $757 million from $4.77 billion. The company says it hopes to save $3 billion between now and 2023 by cutting the number of planes in its hangars.
TC Energy Corp. (TSX:TRP). The election of Joe Biden as U.S. president likely spells the end of the Keystone XL oil pipeline, but his environmental agenda could help Canadian energy companies better compete with their American rivals, observers said Monday. Keystone XL is a high-profile target for Biden’s administration and he will likely carry out his campaign pledge to kill it, said John Baird, a former minister of foreign affairs in the Stephen Harper government who is now a senior adviser for law firm Bennett Jones. However, Biden is better aligned than U.S. President Donald Trump with Canada’s federal stance on climate change and Baird predicted his influence on U.S. regulatory and environmental systems could make Canadian companies more competitive with their U.S. peers, who have enjoyed more business-friendly policies under Trump.
Canopy Growth Corp. (TSX:WEED). Canopy Growth Corp. is cheering Joe Biden’s victory in the U.S. presidential race and a series of ballot measures Americans voted in favour of last week that support the legalization of cannabis. David Klein, the Smiths Falls, Ont.-based company’s chief executive, said Monday that Biden’s win and legalization initiatives passed in Arizona, Mississippi, Montana, New Jersey and South Dakota will be good for both his business and the cannabis culture at large. Biden and his running mate Kamala Harris support the Safe Banking Act, which would allow financial institutions to work with cannabis companies without retribution, and committed to decriminalizing pot and expunging criminal records related to its possession. According to Klein, such developments will likely increase pressure on the U.S. Congress to pass major federal marijuana reforms and will de-stigmatize and normalize the use of cannabis across the country.
Cenovus Energy Inc. (TSX:CVE). Headwater Exploration Inc. has signed a deal with Cenovus Energy Inc. to buy Cenovus’s assets in the Marten Hills area of northern Alberta for approximately $100 million in cash and stock. Under the deal, Headwater says it will acquire 2,800 barrels per day of medium oil production and 270 net sections of rights in the Clearwater formation. The company has agreed to pay $35 million in cash and issue 50 million common shares of Headwater and 15 million purchase warrants exercisable at $2.00 per common share with a three-year term. Cenovus will own a 26 per cent stake in Headwater and will be entitled to appoint two nominees to the board of directors. Headwater has also given Cenovus the ability to participate in Headwater’s future equity financings based on its pro rata ownership level as long as Cenovus holds at least a 20 per cent stake in the company.
Vermilion Energy Inc. (TSX:VET). Vermilion Energy Inc. says it lost $69.9 million in its third quarter compared with a loss of $10.2 million in the same quarter last year as its sales fell. The oil and gas producer says the loss amounted to 44 cents per share for the quarter ended Sept. 30 compared with a loss of seven cents per share a year earlier. Petroleum and natural gas sales totalled $282.0 million for the quarter, down from $391.9 million in the same quarter last year, but up from $193.0 million in the second quarter of this year. Production in the quarter averaged 95,471 barrels of oil equivalent per day, down from 97,239 in the same quarter last year and 100,366 in the second quarter of this year. Vermilion says the decrease was primarily due to natural declines, plant turnarounds and limited capital investment during the quarter, partially offset by increased production in France following the restart of the Grandpuits refinery in mid-June.
This report by The Canadian Press was first published Nov. 9, 2020.
The Canadian Press