TORONTO – Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,472.74, up 181.76 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Down 42 cents, or 1.6 per cent, to $ 25.85 on 20.1 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 33 cents, or 0.68 per cent, to $ 48.09 on 14.5 million shares.
Trevali Mining Corp. (TSX:TV). Materials. Up 3.5 cents, or 15.22 per cent, to 26.5 cents on 9.7 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up four cents, or 4.44 per cent, to 94 cents on 9.6 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 70 cents, or 2.5 per cent, to $ 28.66 on 7.8 million shares.
Canadian Natural Resources (TSX:CNQ). Up $ 1.32, or 3.27 per cent, to $ 41.70 on 7.4 million shares.
Companies in the news:
Telus Corp. (TSX:T). Up 17 cents to $ 26.29. Telus Corp. chief executive Darren Entwistle said Friday that the telecommunications company will be able to reduce capital spending to $ 2.5 billion a year or less in 2023, after an accelerated investment plant announced this week. The Vancouver-based company and owner of one of Canada’s three national wireless networks said Thursday it has raised its 2021 capital budget by $ 750 million, to $ 3.5 billion. Entwistle told analysts Friday that about 90 per cent of the accelerated spending plan will be on fibre optic networks, 5G wireless networks and improvements to business processes. Earlier Friday, the company raised its quarterly dividend half a penny to 31.62 cents per share, up from 31.12 cents per share. Telus also reported its first-quarter profit fell 5.7 per cent compared with a year ago as a number of higher expense items offset revenue growth at many of its business units. Telus said its net income attributable to common shares totalled $ 331 million or 25 cents per share for the quarter ended March 31 compared with $ 350 million or 28 cents per share a year ago. Operating revenues and other income rose to $ 4 billion compared with $ 3.7 billion in the first quarter of 2020 — which included retail store closures during the early stages of the COVID-19 pandemic.
TC Energy Corp. (TSX:TRP). Up 15 cents to $ 61.94. TC Energy Corp. is reporting a first-quarter net loss of $ 1.1 billion after taking a $ 2.2-billion after-tax asset impairment charge on its cancelled Keystone XL export oil pipeline. It says the impairment charge doesn’t yet include the government of Alberta’s investment and guarantees for the project, which are expected to eventually reduce the company’s net exposure to about $ 1 billion. Keystone XL was suspended after newly elected U.S. President Joe Biden fulfilled a campaign promise to cancel its presidential permit in January. Since then, shippers including Cenovus Energy Inc., Suncor Energy Inc. and Imperial Oil Ltd. have reported non-cash writedowns on earnings related to their commitments to it. In its quarterly report, TC Energy said comparable earnings without the charge were $ 1.108 billion or $ 1.16 per share, down from $ 1.109 billion or $ 1.18 per share in the year-earlier period. It says revenue was $ 3.38 billion, down from $ 3.42 billion in the first quarter of 2020.
Cenovus Energy Inc. (TSX:CVE). Down 15 cents, or 1.5 per cent, to $ 9.57. The CEO of Cenovus Energy Inc. says more than half of the job cuts from its takeover of rival Husky Energy Inc. have been completed and it’s well on the way to integrating and optimizing the two companies’ oilsands, refining and other operations. On Friday, Cenovus reported a first-quarter profit of $ 220 million compared with a loss of $ 1.8 billion a year ago, despite accounting for $ 245 million in one-time integration costs in the quarter related to the $ 3.8-billion all-stock acquisition that closed in January. Cenovus reported revenue totalled $ 9.15 billion in the first three months of 2021, up from $ 3.96 billion in the same quarter last year, thanks to higher commodity prices and volumes. Upstream production was 769,254 barrels of oil equivalent per day, up from 482,594 boe/d a year ago, while downstream refinery throughput was 469,100 barrels per day, up from 221,100 bpd in the same quarter last year.
Air Canada (TSX:AC). Up 76 cents, or 3.1 per cent, to $ 24.92. Air Canada called on Ottawa to ease travel restrictions as the airline, which reported a first-quarter loss of $ 1.3 billion, plans for its post-pandemic recovery. CEO Michael Rousseau said the government must develop and communicate a reopening plan as it is cautiously optimistic that the country is nearing an “inflection point” with the vaccination rate rising in the middle of a difficult third wave. Air Canada expects domestic travel will lead its recovery, as was the case in the U.S., given the strength in demand especially for transcontinental flights despite lockdowns and restrictions. Peak summer leisure travel in July and August, including to Europe, is expected to be pushed to September and October. And corporate travel, a key segment for the airline, likely won’t come back until after Labour Day, chief commercial officer Lucie Guillemette told analysts. Air Canada said its loss amounted to $ 3.90 per diluted share for the quarter that ended March 31 compared with a loss of $ 1 billion or $ 4.00 per diluted share a year ago when it had fewer shares outstanding. Revenue in the quarter totalled $ 729 million, down from $ 3.7 billion in the first three months of 2020.
Enbridge Inc. — The CEO of Enbridge Inc. says “bad things” will happen if Michigan Gov. Gretchen Whitmer succeeds in carrying out her order to shut down its Line 5 pipeline through the Great Lakes region next week. But Al Monaco added he doesn’t think that’s going to happen given court-ordered negotiations between the state and his company, and Enbridge’s court battle against the order to shut down the pipeline that runs beneath the Straits of Mackinac by May 12. The federal Liberal government is pushing back against the order and considering taking action under the 1977 Transit Pipelines Treaty with the United States that allows for the uninterrupted flow of energy between the two countries. Enbridge reported a first-quarter profit of $ 1.9 billion compared with a loss of $ 1.4 billion in the same quarter last year when it took a number of large one-time charges. Operating revenue totalled $ 12.2 billion, up from $ 12 billion in the first three months of 2020. The first-quarter results included a gain of $ 300 million related to the mark-to-market value of derivatives used to manage foreign exchange risk.
This report by The Canadian Press was first published May 7, 2021.