TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,771.22, up 302.39 points.)
Cenovus Energy Inc. (TSX:CVE). Energy. Up 57 cents or three per cent, to $19.50 on 8.5 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up $2.78, or 3.7 per cent, to $77.43 on 7.4 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $1.36, or 3.6 per cent, to $39.34 on 7.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 13 cents, or 2.4 per cent, to $5.54 on six million shares.
ARC Resources Ltd. (TSX:ARX). Energy. Up 54 cents, or 3.7 per cent, to $15.16 on 5.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up nine cents, or 4.3 per cent, to $2.18 on five million shares.
Companies in the news:
Restaurant Brands International Inc. (TSX:QSR). Up 26 cents to $73.05. Restaurant Brands International wants to sell its ownership stake in Burger King Russia after the business's main operator refused to suspend operations in the country. David Shear, RBI's international president, said in an open letter to employeesreleased Thursday that the company has started the process to dispose of the stake and would like to do so immediately, but it's taking time because of the joint venture agreement. He says his company wants to back out of the venture because of the "horrifying" attacks Russia is staging on Ukraine, but there are no legal clauses that allow RBI to unilaterally change the Burger King Russia contract or allow it to walk away or overturn the agreement. RBI owns a 15 per cent stake in the joint venture. The other parties, who also hold minority stakes, are Investment Capital Ukraine, VTB Capital — one of Russia's largest banks — and Alexander Kolobov, who oversees the 800 restaurants in Russia. Shear says any attempt to exit the business would require the support of Russian authorities and that "no serious investor" would agree to a long-term business relationship with flimsy termination clauses.
Canadian Pacific Railway Ltd. (TSX:CP). Up 11 cents to $100.89. Canadian Pacific Railway Ltd. said Thursday it has received strike notice from the union representing its engineers, conductors and other train employees. The move is the latest escalation in a labour dispute at the Calgary-based railway that could result in a potential countrywide work stoppage as early as 1 a.m. EST on Sunday. CP Rail indicated Wednesday night that it had issued a 72-hour notice to the Teamsters Canada Rail Conference of its plan to lock out almost 3,000 employees on Sunday, if the union and the company are unable to come to a negotiated settlement or agree to binding arbitration. The two sides are at odds over 26 outstanding issues, including wages, benefits and pensions. But Canadian business organizations are calling on Ottawa to prevent a potential work stoppage at the railway, which could further hamper companies recovering from COVID-19 restrictions and supply chain problems. Roughly 45 industry groups said Thursday that any disruption would hinder Canada's freight capacity and hurt the broader economy as it grapples with inflation, product shortages, rising fuel costs and the Russian invasion of Ukraine.
Nutrien Ltd. (TSX:NTR). Up $4.90 or 4.1 per cent to $124. Nutrien Ltd. is raising its potash production this year in response to the uncertainty of supply from eastern Europe as Russia's invasion of Ukraine continues. The Saskatchewan-based company is increasing production of the key fertilizer ingredient by nearly one million tonnes to reach about 15 million tonnes by the end of 2022. That's on top of almost one million tonnes added in 2021 in response to market demand. In a news release, Nutrien interim president and CEO Ken Seitz said the impacts of Russia's attack on Ukraine extend beyond eastern Europe, as a disruption in the supply of key agriculture, fertilizer and energy commodities could have implications for global food security. Most of additional volume is expected to be produced in the second half of the year. The company anticipates a small increase in its capital spending and said it will be hiring additional workers at its potash mines in Saskatchewan. Nutrien said its 2022 potash production will be nearly 20 per cent higher than in 2020. Canada is the world's largest potash producer, but Russia and Belarus are also major exporters.
BRP Inc. (TSX:DOO). Up $2.08 or 2.4 per cent to $88.70. BRP Inc. is expanding its Manitou pontoon boat manufacturing capacity in Michigan in a move that will create close to 200 new jobs and nearly double its workforce in the state. The Quebec-based company says it will begin construction in April to expand its existing factory in Lansing, Mich. It will also add manufacturing and warehousing capacity in St. Johns, Mich. The cost of the plan was not immediately available. BRP, best known for its Ski-Doo snowmobiles and Sea-Doo personal watercraft, acquired Manitou in 2018. The company has seen its revenue grow during the pandemic as demand for the recreational vehicles it produces has soared.
This report by The Canadian Press was first published March 17, 2022.
The Canadian Press
