TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,228.87, up 99.80 points.)
The Supreme Cannabis Co. Inc. (TSX:FIRE). Health care. Up 13 cents, or 49.06 per cent, to 39.5 cents on 103.7 million shares.
The Toronto-Dominion Bank. (TSX:TD). Financials. Down 98 cents, or 1.17 per cent, to $82.68 on 10.3 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down two cents, or two per cent, to 98 cents on 8.6 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down nine cents, or 0.34 per cent, to $26.42 on 8.6 million shares.
TC Energy Corp. (TSX:TRP). Energy. Down 32 cents, or 0.54 per cent, to $59.16 on 7.5 million shares.
The Bank of Nova Scotia. (TSX:BNS). Financials. Up 22 cents, or 0.28 per cent, to $78.30 on 6.9 million shares.
Companies in the news:
Royal Bank of Canada (TSX:RY). Up 25 cents to $116.80. The head of the Royal Bank of Canada says the federal government should be cautious about overspending in its forthcoming budget. CEO Dave McKay says the Trudeau Liberals shouldn't overdo it and lead to overstimulation. The government will unveil its budget on April 19 as the COVID-19 pandemic continues. After a year of job losses, business closures, extreme pressure on health care, and rent and unemployment relief programs, many are expecting the government to dig even deeper into its coffers to ensure Canada bounces back. McKay recommended the government use a strategy from his basketball coaching days: "read and react." That means preparing to act when needed but behaving more cautiously in the meantime. He believes that approach is best because interest rates are at historic lows, with $220 billion of cash on consumers balance sheets and even more on commercial sheets.
Canopy Growth Corp. (TSX:WEED). Down $1.99, or 5.3 per cent, to $35.75. Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S.'s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Co. Inc. on Thursday. Smiths Falls, Ont.-based Canopy said the acquisition will see Supreme Cannabis's 7Acres, Sugarleaf and Hi-way brands join Canopy's roster, which already includes Tweed, Tokyo Smoke, Quatreau and Doja. The deal is Canopy's latest acquisition in a wave of consolidation in the cannabis sector, while it watches to see whether the U.S. loosens laws around marijuana following the election of President Joe Biden. Canopy announced last week it had bought Ace Valley, a Toronto company that makes vapes, gummies and pre-rolls in a bid to attract Gen Z and millennials. CEO David Klein believes Toronto-based Supreme will help Canopy corner a higher-end market with its flowers, pre-rolls, vapes and edibles.
Postmedia Network Canada Corp. (TSX:PNC.A). The owner of Canada's largest group of newspapers earned $700,000 in net profits in its second quarter, an improvement from the same time a year before despite a 21 per cent revenue decline. Toronto-based Postmedia Network Canada Corp., publisher of the National Post and other daily newspapers, said Thursday its revenue for the three months ended Feb. 28 was $106 million, down from $134.2 million a year earlier — before the economic impact of COVID-19 was a major factor. Postmedia's second-quarter profit for this financial year was equal to one cent per share and compared with a year-earlier net loss of $12.8 million or 14 cents per share. The company said the change was primarily due to gains on derivative financial instruments and foreign exchange, higher operating income and lower expenses, partially offset by a $7-million impairment expense. The revenue decline was attributable to a 29 per cent decrease in print advertising, 21 per cent drop in digital revenue and an 11.6 per cent fall in print circulation revenue.
Roots Corp. (TSX:ROOT). Up 42 cents, or 13.3 per cent, to $3.58. Roots Corp. reported a handsome profit in its last quarter as strong online sales and demand for its upscale comfort wear offset the impact of pandemic-related store closures and a dip in overall sales. The outdoor lifestyle retailer said Thursday it earned a profit of $12.3 million in its fourth quarter even as sales in what is traditionally the strongest period for the company slipped to $99.4 million from $127.5 million in the same quarter last year. The company, known for its premium branded sweats and leather goods, recorded a 60 per cent increase in e-commerce sales in the quarter. The company recently launched a retro collection, which features the brand's athletic logo from the late 1980s and is marketed with the tagline "classic comfort makes a comeback." Despite the company's increasing move online, CEO Meghan Roach said the Roots brick-and-mortar stores continue to be a key focus for the retailer. The result compared with a loss of $44.6 million or $1.06 per share a year earlier when the company took a large goodwill charge.
This report by The Canadian Press was first published April 8, 2021.
The Canadian Press