TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,402.43, up 152.02 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 85 cents, or 2.2 per cent, to $40.06 on 25.4 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up 15 cents, or 7.5 per cent, to $2.14 on 15.3 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 53 cents, or 9.8 per cent, to $5.92 on 11.5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 93 cents, or 4.8 per cent, to $20.42 on 10.5 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down eight cents, or 5.5 per cent, to $1.38 on 10.4 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 57 cents, or one per cent, to $56.90 on 9.9 million shares.
Companies in the news:
Rogers Communications Inc. (TSX:RCI.B). Up 58 cents to $68.26. A parliamentary committee says a proposed multibillion-dollar takeover of one of Canada's largest telecoms should not proceed. But the House of Commons industry and technology committee says if Rogers Communications Inc.'s $26-billion bid for Shaw Communications Inc. does go ahead, the government should make its conditions attached to the approval "fully enforceable." In a report on the proposed merger that was tabled Friday, the committee recommends the affordability and accessibility interests of Canadians should take precedence over all other considerations during the regulatory review process. The non-binding report says the government should place an emphasis on the importance of Freedom Mobile, Shaw's wireless carrier, as a fourth wireless provider that competes with the Big Three of Rogers, Bell and Telus. The committee report came a day after Ottawa pledged to block the full transfer of Shaw's wireless licences to Rogers as part of the deal. Industry watchers had expected that Shaw would have to sell some of these assets as a condition of any approval of the deal. Experts say the move signals that the federal government is concerned with cellphone bills in Canada — among the highest in the world — and wants to encourage competition.
Shopify Inc. (TSX:SHOP). Down $48.18 or 5.9 per cent to $764.65. Shopify Inc. says it has taken down the vast majority of content that five textbook publishers say is pirated and infringes on their trademarks. The Ottawa-based e-commerce company says less than two per cent of merchants who have been targeted with takedown requests from Macmillan Learning, Cengage Learning Inc., Elsevier Inc., McGraw Hill LLC and Pearson Education Inc. remain active on the Shopify platform. Shopify revealed the information in documents filed this week in a Virginia court, where it is being sued by the publishers for allegedly hosting merchants who illegally reproduce and sell the publishers' textbooks, test banks and other manuals. The company said it denies all of the publishers' claims, did not cause them harms, losses or damages and feels the case against it will fail because it has acted on takedown requests. The company said it has counted more than 5,000 takedown requests or trademark infringement notices the publishers have filed under the U.S.'s Digital Millennium Copyright Act.
Parkland Corp. (TSX:PKI). Up $1.99 or 6.4 per cent to $33.31. Floods in B.C. and the temporary shutdown of the Trans Mountain pipeline in the fourth quarter of 2021 cost Parkland Corp. approximately $35 million. The Calgary-based fuel marketer and convenience store retailer made the figure public Friday, as part of its fourth-quarter results. On a conference call with analysts, chief executive Bob Espey said Parkland would have delivered record earnings for the full-year 2021 if not for the weather-related shutdown of Trans Mountain in November and the resulting pause in operations at Parkland's Burnaby refinery. Instead, Parkland said it earned $23 million or 15 cents per diluted share for the quarter ended Dec. 31, down from $53 million or 35 cents per diluted share a year earlier. Also on Friday, Parkland Corp. increased its annual dividend to $1.30 per share as fourth-quarter sales and operating revenue totalled $6.29 billion, up from $3.51 billion in the fourth quarter of 2020.
MEG Energy Corp. (TSX:MEG). Up $1.04 or six per cent to $18.24. The chief executive of MEG Energy Corp. sees "tremendous demand" for Alberta oil due to the war in Ukraine and a European energy crisis. Benchmark crude West Texas Intermediate has surged in recent months due to economic recovery from the global COVID-19 pandemic, and spiked to levels not seen in eight years this week due to Russia's invasion of Ukraine. On Friday, WTI hovered around US$115 per barrel. But Derek Evans said of even greater interest is what's happened to the price of Western Canadian Select, Alberta's heavy crude benchmark. WCS broke US$100 per barrel this week, and differentials have narrowed to historic lows. On Friday, WCS was trading at less than a US$2 discount at Houston and Hardisty, and Evans said he sees no sign of demand slowing down. The Calgary-based oilsands developer earned $177 million in its fourth quarter and says it will soon reach its net debt target and initiate a share buyback plan as a result of stronger oil prices.
This report by The Canadian Press was first published March 4, 2022.
The Canadian Press
