TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,675.64, up 93.46 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Up eight cents, or 0.39 per cent, to $20.80 on 19.4 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 60 cents, or 1.58 per cent, to $37.38 on 19.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 31 cents, or 1.73 per cent, to $18.27 on 10.2 million shares.
The Green Organic Dutchman Holdings. (TSX:TGOD). Health care. Up 2.5 cents, or 9.62 per cent, to 28.5 cents on 10 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 23 cents, or 4.28 per cent, to $5.61 on 7.5 million shares.
Aurora Cannabis Inc. (TSX:ACB). Health care. Up 10 cents, or 1.09 per cent, to $9.28 on 7.2 million shares.
Companies in the news:
Cineplex Inc. (TSX:CGX). Up 24 cents or 3.8 per cent to $6.61. Canada’s largest theatre chain reported 91 per cent fewer moviegoers during the summer compared with last year, pushing the company to roll out new offerings for film lovers. Cineplex Inc. said Friday that only 1.6 million people visited the movies during its third quarter, down from 17.5 million in the third quarter of 2019. To lure moviegoers back, the company will heavily market affordable private theatre rentals ahead of the holiday season. It will also cut back on new projects and try to further reduce real estate and payroll costs with the sale of its head office in Toronto and the federal government’s wage subsidy program. Cineplex reported a net loss of $121.2 million or $1.91 per share, down from the $13.4-million or 21-cents- per-share profit it reported last year at the same time. The chain’s revenue was $61 million in the three months ending Sept. 30, down from $418.4 million during the same period in 2019.
Inter Pipeline (TSX:IPL). Down 47 cents or 3.5 per cent to $12.78. Inter Pipeline says it hopes to conclude its search for a partner in its $4-billion petrochemical project now under construction near Edmonton in the first half of next year. Analysts pointed out the quest for a partner had previously been expected to wrap up by early 2021, although CEO Christian Bayle said there’s little significance to the change in wording. Inter has been looking for a partner since late 2019 to share the cost of the project which has increased from the original estimate of about $3.5 billion. The Calgary-based company concluded a deal to sell a majority of its European bulk liquid storage business to the CLH Group for $715 million earlier this week and Bayle said those proceeds, along with available credit lines, will help the company go ahead with funding the remaining $1.1 billion needed for the petrochemical project on its own if necessary.
Onex Corp. (TSX:ONEX). Up $2.96 or 4.8 per cent to $64.89. Onex Corp. says its private equity investments increased in value this year, despite the economic volatility caused by the COVID-19 pandemic. The company, which manages a fund that bought WestJet Airlines Ltd. in a $5-billion deal last December, didn’t announce details about the Calgary-based airline. Overall, the Toronto-based investment firm says it earned US$501 million, or US$5.29 per fully diluted share, in the three months ended Sept. 30. In the same period last year, the company reported earnings of US$100 million, or 99 cents US per diluted share. The company, which makes money in several ways including buying and selling companies, lending and fees for managing assets for clients, declared a dividend of 10 cents per share for the fourth quarter — unchanged since mid-2019.
Dorel Industries Inc. (TSX:DII.B). Up two cents to $14.41. Dorel Industries said Friday its board has agreed to a deal that will take the Montreal-based company private. Under the agreement, a group led by an affiliate of Cerberus Capital Management LP will buy Dorel for $14.50 per share in cash, except for shares owned by members of the Schwartz family, including Dorel’s chief executive officer. The deal values the company at $470 million. Dorel makes a variety of consumer goods such as Cosco and Safety 1st child car seats, Cannondale and Schwinn bicycles, and home furniture under brands such as Dorel Living and DHP. Dorel says $14.50 is the highest offer to buy the company and is in line with analyst valuations. Dorel announced last year that the controlling shareholders, led by CEO Martin Schwartz, were seeking financial partners to help buy the publicly traded shares that they didn’t own.
This report by The Canadian Press was first published Nov. 13, 2020.
The Canadian Press