TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,639.00, up 56.65 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 49 cents, or 2.14 per cent, to $23.37 on 14.9 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up four cents, or 5.19 per cent, to 81 cents on 10.9 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 20 cents, or 0.47 per cent, to $42.80 on 10.7 million shares.
BCE Inc. (TSX:BCE). Telecommunications. Up 31 cents, or 0.54 per cent, to $57.85 on 9.5 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Down 35 cents, or 1.1 per cent, to $31.41 on 8.4 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 19 cents, or 6.91 per cent, to $2.94 on 6.4 million shares.
Companies in the news:
Air Canada (TSX:AC). Up 30 cents or 1.1 per cent to $27.34. Air Canada will be cutting more routes in Atlantic Canada starting in the new year because of a second wave of COVID-19 infections. Effective Jan. 11, the airline says it will be suspending until further notice all flights in Sydney, N.S., and Saint John, N.B., along with temporarily halting routes in Deer Lake, N.L., Charlottetown, Fredericton and Halifax. The move comes after the country’s largest airline announced in June the indefinite suspensions of 11 routes in Atlantic Canada and the closure of stations in Bathurst, N.B., and Wabush, N.L. Airline spokesman Peter Fitzpatrick said the most recent route cuts in Atlantic Canada represent a small subset of the 95 planned suspensions it announced along with its third-quarter earnings results in November.
Enbridge Inc. — Returns to shareholders will be a higher priority as Enbridge Inc. completes its large capital projects, company executives told investors Tuesday, punctuating the strategy with an increase in its dividend. A subdued share price and increased regulatory risk for big projects make buying back its shares and considering higher dividends, along with smaller organic growth projects, a better way forward after years of strong growth, said CEO Al Monaco at Enbridge’s online investor day. He said the company expects to have $5 billion to $6 billion a year in available cash to invest after spending is complete on its Line 3 replacement pipeline project late next year, of which two-thirds will be used for low-risk, low-capital-intensity projects, modernization and utility rate base investments.
Suncor Energy Inc. — Enerkem and a group of partners, including Shell, Suncor Energy Inc. and Hydro-Quebec, plan to spend $876 million to build a biofuel production plant in Quebec from non-recyclable residual materials and wood waste. Varennes Carbon Recycling will use electrolysis to transform excess hydroelectricity capacity and more than 200,000 tonnes of waste annually into nearly 125 million litres of biofuels and renewable chemicals. The project is valued at $876 million, including $687 million for the plant. The Quebec government is providing a loan of up to $80 million as well as an investment in preferred shares of up to $80 million. The federal government is investing $74 million in the project. Hydro-Quebec is investing more than $190 million to install an 87-megawatt electrolyzer for the production of green hydrogen.
This report by The Canadian Press was first published Dec. 8, 2020.
The Canadian Press