TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,290.60, down 9.43 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up six cents, or 4.55 per cent, to $1.38 on 19.3 million shares.
The Toronto-Dominion Bank. (TSX:TD). Financials. Down 31 cents, or 0.36 per cent, to $86.94 on 10.8 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 26 cents, or 4.93 per cent, to $5.01 on 6.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 67 cents, or 2.26 per cent, to $28.94 on 6.3 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 21 cents, or 0.86 per cent, to $24.10 on six million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Down 32 cents, or 0.4 per cent, to $79.02 on 5.9 million shares.
Companies in the news:
Canadian National Railway Co. (TSX:CNR). Up $2.45 or 1.9 per cent to $132.31. Canadian National Railway Co. made its final pitch to a U.S. regulator for approval of a voting trust it wants to use in its proposed US$33.6-billion takeover of U.S. railway Kansas City Southern. The Montreal-based railway said there's no harm if the Surface Transportation Board approves the trust until a final ruling on the merits of the transaction is handed down many months from now. In a 374-page submission, CN said it will demonstrate the merits of a CN-KCS combination during a "robust, careful review process that will allow full stakeholder input." CN said the voting trust agreement insulates KCS from CN control during the trust period and causes no harm to KCS while also serving the public interest by placing CN on an equal footing with other bidders. Even if CN is required to sell KCS because the merger is rejected, the U.S. railway will be an intact entity and the sales process will be overseen by the KCS board. In its submission, CN refutes claims of Calgary rival Canadian Pacific Railway Ltd. by arguing there is no risk of financial harm to CN because it has the financial strength to quickly retire the large debt associated with "this unique transaction."
Goodfood Market Corp. (TSX:FOOD). Up 97 cents or 12.4 per cent to $8.77. Goodfood Market Corp. reported a net loss of $2 million despite revenue rising to a record $107.8 million in its third quarter, a 24 per cent increase compared with a year ago at the start of the pandemic. Goodfood CEO Jonathan Ferrari said the results were strong given the same quarter in 2020 had been positively impacted by pandemic demand. Those improvements drove larger basket sizes and higher order frequency from increasingly loyal customers, Ferrari said. But the online grocery company's positive growth continued to be impacted by investments in people, processes and technology, he said. The Montreal-based online grocery and meal kit company said its loss amounted to three cents per diluted share for the quarter ended May 31. The result compared with a profit of nearly $2.8 million or five cents per diluted share on $86.6 million in revenue in its third quarter last year. Goodfood announced last month the lease of its first tech-enabled fulfilment centre in Ottawa with automation capable of delivering 4,000 products on a same-day basis. Meanwhile, the company said a decrease in incentives and credits used to encourage consumers to try Goodfood's meal kits contributed to higher revenue.
CIBC (TSX:CM). Up 11 cents to $141.68. CIBC and a group of international banks have announced plans for a voluntary carbon marketplace pilot that they say will help make it easier for companies to buy carbon offsets. The group includes Brazil's Itaú Unibanco, National Australia Bank and British banking and insurance company NatWest Group. Companies buy carbon offsets as a way to implement their climate change strategies. The banks say Project Carbon aims to support a marketplace for carbon offsets with clear and consistent pricing and standards. The blockchain-based system will allow owners of credits to demonstrate possession to the market, reducing risks of double counting and simplifying reporting. It is expected to launch next month as a pilot to demonstrate the operational, legal and technical capability of the platform.
West Fraser Timber Co. Ltd. (TSX:WFG). Up $6.17 or 7.1 per cent to $93. West Fraser Timber Co. Ltd. says it plans to buy back up to $1 billion worth of its shares. The forestry company says it is conducting a "modified Dutch auction" with a tender price range of $85 to $98 per share. The purchase price will be the lowest price within that range that will allow it to buy back the maximum number of shares tendered by shareholders. The company raised its dividend earlier this year after it reported its first-quarter profit rose, boosted by higher lumber prices. By buying back its shares, a company spreads profits over fewer shares. That increases its earnings per share, a key ratio used to determine a company's financial strength.
This report by The Canadian Press was first published July 7, 2021.
The Canadian Press
