TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,358.21, up 61.28 points.)
BlackBerry Ltd. (TSX:BB). Technology. Up 50 cents, or 5.51 per cent, to $9.58 on 23.3 million shares.
Aurora Cannabis Inc. (TSX:ACB). Health care. Up $1.43, or 11.33 per cent, to $14.05 on 16 million shares.
NextSource Materials Inc. (TSX:NEXT). Materials. Up one cent, or 16.67 per cent, to seven cents on 10.6 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 22 cents, or 0.99 per cent, to $22.43 on 8.9 million shares.
Hexo Corp. (TSX:HEXO). Health care. Up 13 cents, or 9.42 per cent, to $1.51 on 8.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 32 cents, or 1.55 per cent, to $20.96 on 7.8 million shares.
Companies in the news:
Sun Life Financial Inc. (TSX:SLF). Up 16 cents to $57.25. Sun Life Financial Inc. says its president and chief executive will retire next year. The Toronto-based insurance company says Dean Connor, 64, will depart Sun Life on Aug. 6. The company’s current executive vice-president and chief financial officer, Kevin Strain, will take over Connor’s presidential duties on Dec. 15. He will become chief executive when Connor retires and will continue working as chief financial officer until the company names a replacement in the first half of 2021. Strain joined Sun Life in 2002 as part of the acquisition of insurance company Clarica. He became CFO in 2017. Strain launched Sun Life Global Investments Asset Management and expanded the company’s footprint to Vietnam and Malaysia, before climbing the company’s executive ranks.
Canadian Tire (TSX:CTC.A). Down nine cents to $164.66. A coalition of about 50 retailers is calling on the Ontario government to lift COVID-19 restrictions for non-essential stores it claims is making things worse. In an open letter to Premier Doug Ford and Health Minister Christine Elliott, the retailers argue that shutting down Toronto and Peel Region to restrict the virus’s spread hasn’t reduced the number of shoppers. Instead, consumers are funnelled into fewer, crowded stores and adjacent communities, which potentially creates greater health risk. The retailers say the current policy pushes more consumers to big-box and discount stores that remain open after being deemed essential, while thousands of small, independent and local stores are closed despite selling many of the same products.
Royal Bank of Canada (TSX:RBC). Down 65 cents to $106.39. Three promising COVID-19 vaccine candidates may have spurred optimism from investors, but Royal Bank of Canada’s chief executive is warning the country is not rid of its pandemic troubles yet. Dave McKay told analysts Wednesday that the economy could still suffer some blows as the globe grapples with uncertainty around how soon people will be injected with Pfizer, Moderna and AstraZeneca’s vaccines. McKay projected that economic growth could rebound by between four and five per cent, but likely not until 2021. His outlook is less rosy than some of his banking counterparts, who said on Tuesday they were cautiously optimistic about the economy’s future. McKay’s warnings come even as his bank beat analyst expectations and managed to report higher fourth-quarter profits than those prior to the pandemic.
Fairfax Financial Holdings Ltd. (TSX:FFH). Up 39 cents to $447.71. Fairfax Financial Holdings Ltd. has agreed to sell its interests in the RiverStone Europe insurance business to a fund managed by CVC Capital Partners. Fairfax says it will receive US$750 million for its stake in RiverStone Europe once the deal closes, and it is entitled to up to an additional US$235.7 million after closing. The Ontario Municipal Employees Retirement System has also agreed to sell its entire stake in RiverStone Europe as part of the deal. RiverStone Europe managing director Luke Tanzer will remain in his role and Nick Bentley, CEO of the RiverStone Group, will continue to serve on the board of RiverStone Europe once the deal closes, Fairfax said in a statement. CVC is making the acquisition through its Strategic Opportunities Fund II. The deal is contingent on approval by regulatory agencies and is expected to close in early 2021.
National Bank of Canada (TSX:NA). Down 84 cents or 1.1 per cent to $72.59. National Bank of Canada topped expectations as it reported a fourth-quarter profit of $492 million. The Montreal-based bank says its profit for the quarter ended Oct. 31 amounted to $1.36 per diluted share, down from a profit of $604 million or $1.67 per diluted share a year ago. Revenue totalled $2 billion in the quarter, up from $1.91 billion in the same quarter last year. Provisions for credit losses in the quarter were $110 million, up from $89 million a year ago. On an adjusted basis, National Bank says it earned $1.69 per diluted share for the quarter, in line with its result a year ago. Analysts on average had expected an adjusted profit of $1.52 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Dec. 2, 2020.
The Canadian Press