TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,183.63, up 253.15 points.)
Canadian Natural Resources (TSX:CNQ). Energy. Up $1.30, or 1.9 per cent, to $69.65 on 10 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up six cents, or 2.2 per cent, to $2.76 on 6.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $2.04, or 4.6 per cent, to $46.76 on 6 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 16 cents, or 2.3 per cent, to $7.03 on 3.8 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Up 12 cents, or 0.5 per cent, to $25.61 on 3.7 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 32 cents, or 3.1 per cent, to $10.57 on 3.4 million shares.
Companies in the news:
Rogers Communications Inc. (TSX:RCI.B). Up $3.47 or 5.9 per cent to $62.48. Rogers Communications Inc.'s decision to sell Shaw's wireless carrier Freedom Mobile to Quebecor Inc.-owned Videotron Ltd. will just create a "weaker" competitor in the market, one telecom watcher said Monday. Carleton University professor Dwayne Winseck saidit won't be easy for Quebec-based Videotron to expand nationally, making it less of a challenger for Rogers. Winseck said Videotron, which only operates in Quebec and parts of eastern Ontario, has had national ambitions for a while, but lacks brand recognition and hasn't been able to strike strong deals with other national carriers, despite having fairly deep pockets. Over the weekend, Rogers said it would sell Freedom to Quebecor for $2.85 billion, as it looks to get its $26 billion takeover of Shaw Communications Inc. over the finish line, arguing that the move would give Canadians "competition and choice." The deal will see Quebecor buy all of Freedom's branded wireless and internet customers, as well as its infrastructure, spectrum and retail locations. However, some analysts think the sale will move the deal forward and quell the bureau's competition concerns.
Canadian National Railway Co. (TSX:CNR). Up 41 cents to $141.30. Canadian National Railway Co. says it has gone the extra mile to meet union demands amid a strike by signal and electrical workers, who say the concessions do not go far enough. About 750 CN employees represented by the International Brotherhood of Electrical Workers walked off the job across the country Saturday morning. The latest offer includes a 10 per cent wage hike over three years and better schedules ensuring two consecutive days off, CN chief operating officer Rob Reilly said in an open letter to employees dated Monday. Union negotiator Steve Martin said the company's claim of meeting all demands is "truthful, but it is very misleading," with offers to improve conditions and compensation amounting to small increases. For example, a pledge to boost daily allowances would see meal per diems rise by $3.50 in the first year and $1 per day in each of the next two years, he said. "So you hope there's no more increases in inflation in years two and three." CN said operations remain uninterrupted under its contingency plan. It continues to encourage the union to end the strike through an agreement or binding arbitration. Martin said the union is not prepared to enter into arbitration at the moment, but that it filed a counter-offer Sunday afternoon and remains in contact with the company.
Fairfax Financial Holdings Ltd. (TSX:FFH). Financials. Up $9.93 or 1.6 per cent to $643.53. Fairfax Financial Holdings Ltd. has signed a deal to sell its interests in the Crum & Forster Pet Insurance Group and Pethealth Inc. to JAB Holding Co. for US$1.4 billion. Under the transaction, Fairfax will receive US$1.15 billion in cash and US$250 million in seller notes. Fairfax will also make a US$200 million investment in JCP V, JAB's latest consumer fund which will include pet insurance as part of its portfolio. Crum & Forster Pet Insurance Group insures over 500,000 pets and markets or serves as underwriter for several brands, while Pethealth offers pet services. The deal is subject to customary closing conditions, including various regulatory approvals. It is expected to close in the second half of this year.
This report by The Canadian Press was first published June 20, 2022.
The Canadian Press
