TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,909.81, up 19.99 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up three cents, or 0.15 per cent, to $20.14 on 11.2 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down five cents, or 0.23 per cent, to $21.75 on 10.4 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up three cents, or 9.68 per cent, to 34 cents on 8.4 million shares.
Royal Bank of Canada. (TSX:RY). Financials. Down 11 cents, or 0.11 per cent, to $103.97 on 7.9 million shares.
Canadian Natural Resources (TSX:CNQ). Down 48 cents, or 1.69 per cent, to $27.93 on 6.6 million shares.
Air Canada. (TSX:AC). Industrials. Up eight cents, or 0.37 per cent, to $21.68 on 6.5 million shares.
Companies in the news:
Imperial Oil Ltd. (TSX:IMO). Up nine cents to $22.59. The CEO of Imperial Oil Ltd. says rising COVID-19 infection numbers have stalled a recovery in demand for vehicle fuels produced in its Canadian refineries from the depths of the pandemic lockdowns in March and April. Brad Corson, speaking at the company’s investor day, says demand for Imperial’s gasoline and diesel have recovered to between 85 and 95 per cent of normal levels but jet fuel demand is still only at about 40 per cent and it is expected to remain at low ebb into early 2021. Downstream vice-president Jon Wetmore says the company is calling for refinery utilization of 89 per cent and throughput of 375,000 barrels of oil per day in 2021, up from 80 per cent and 340,000 bpd this year. But he concedes those forecast numbers represent a best estimate that will greatly depend on whether the pandemic advances or retreats over the next few months.
Norbord Inc. (TSX:OSB). Up $4.84 or 11.1 per cent to $48.30. A $4-billion all-stock deal to take over Norbord Inc. will transform West Fraser Timber Co. Ltd. into a “global diversified wood products company,” CEO Ray Ferris said Thursday. Norbord, the world’s largest manufacturer of oriented strand board housing panels, will expand West Fraser’s product mix, give it access to new markets in Europe and Eastern Canada and allow cost savings of about $80 million per year through synergies within two years, he said. Norbord CEO Peter Wijnbergen, who is to become president of engineered wood with the combined company, said the deal will create a “one-stop shop” for construction customers and offer greater access to capital for corporate growth. Shareholders are being offered 0.675 of a West Fraser share for each Norbord share, a deal the companies said values the target company at $49.35 per share based on West Fraser’s closing price on Wednesday.
This report by The Canadian Press was first published Nov. 19, 2020.
The Canadian Press